How Useful is Monetary Econometrics in Low-Income Countries? T+L3104he Case of Money Demand and the Multipliers in Rwanda
This paper revisits the usefulness of econometric monetary analysis in low-income countries in a case study on Rwanda, an interesting case given its floating exchange rate and reliance on indirect monetary policy instruments on the one hand, and its somewhat typical data and institutional shortcomings on the other hand. The findings are generally encouraging for the use of econometric models for monetary analysis in low-income countries. Notwithstanding substantial qualifications, time series and structural models of the money multiplier and money demand yield results that are statistically and economically reasonable enough to usefully inform policymaking.
|Date of creation:||01 Sep 2005|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: (202) 623-7000
Fax: (202) 623-4661
Web page: http://www.imf.org/external/pubind.htm
More information through EDIRC
|Order Information:||Web: http://www.imf.org/external/pubs/pubs/ord_info.htm|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Mangal Goswami & Oya Celasun, 2002. "An Analysis of Money Demand and Inflation in the Islamic Republic of Iran," IMF Working Papers 02/205, International Monetary Fund.
- Scott Freeman & Finn E. Kydland, 1998.
"Monetary aggregates and output,"
1998-013, Federal Reserve Bank of St. Louis.
- Frost, Peter A, 1977. "Short-Run Fluctuations in the Money Multiplier and Monetary Control," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 9(1), pages 165-81, February.
- Albert E. Burger & Robert H. Rasche, 1977. "Revision of the monetary base," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 13-28.
- Michelle R. Garfinkel & Daniel L. Thornton, 1991. "The multiplier approach to the money supply process: a precautionary note," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 47-64.
- Beenstock, Michael, 1989.
"The Determinants of the Money Multiplier in the United Kingdom,"
Journal of Money, Credit and Banking,
Blackwell Publishing, vol. 21(4), pages 464-80, November.
- Beenstock, Michael & Chan, Kam-Fai, 1986. "The Determinants of the Money Multiplier in the United Kingdom," CEPR Discussion Papers 106, C.E.P.R. Discussion Papers.
When requesting a correction, please mention this item's handle: RePEc:imf:imfwpa:05/178. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jim Beardow)or (Hassan Zaidi)
If references are entirely missing, you can add them using this form.