Financial Architecture and the Monetary Transmission Mechanism in Tanzania
In the vast majority of low-income countries, financing and political constraints have traditionally impaired the usefulness of fiscal policy as a short-run stabilization device. Indeed, it is widely recognized that fiscal policy in such countries has very often tended to be pro-cyclical. While fiscal dominance has also impaired the effectiveness of monetary policy, this situation has been changing, as many low-income countries have increased the independence of their central banks. These newly-independent central banks have taken center stage in the conduct of short-run macroeconomic stabilization in such countries, not just because they are in a position to exploit the traditional flexibility advantage of monetary policy, but also because they tend to be the primary locus of macroeconomic expertise in low-income countries.�
|Date of creation:||03 Feb 2012|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://www.economics.ox.ac.uk/
More information through EDIRC
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.:
- Antonio Spilimbergo & Paola Giuliano & Prachi Mishra, 2010.
"Democracy and Reforms; Evidence From a New Dataset,"
IMF Working Papers
10/173, International Monetary Fund.
- Paola Giuliano & Prachi Mishra & Antonio Spilimbergo, 2013. "Democracy and Reforms: Evidence from a New Dataset," American Economic Journal: Macroeconomics, American Economic Association, vol. 5(4), pages 179-204, October.
- Paola Giuliano & Prachi Mishra & Antonio Spilimbergo, 2012. "Democracy and Reforms: Evidence from a New Dataset," NBER Working Papers 18117, National Bureau of Economic Research, Inc.
- Paola Giuliano & Prachi Mishra & Antonio Spilimbergo, 2011. "Democracy and Reforms: Evidence from a New Dataset," CARF F-Series CARF-F-247, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
- Roe, Alan R & Sowa, Nii K, 1997. "From Direct to Indirect Monetary Control in Sub-Saharan Africa," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 6(1), pages 212-64, March.
- Angeliki Kourelis & Carlo Cottarelli, 1994. "Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy," IMF Working Papers 94/39, International Monetary Fund.
- Sm ali Abbas & Yuri v. Sobolev, 2009.
"High And Volatile Treasury Yields In Tanzania: The Role Of Strategic Bidding And Auction Microstructure,"
South African Journal of Economics,
Economic Society of South Africa, vol. 77(2), pages 257-281, 06.
- Yuri Vladimirovich Sobolev & S. M. Ali Abbas, 2008. "High and Volatile Treasury Yields in Tanzania; The Role of Strategic Bidding and Auction Microstructure," IMF Working Papers 08/81, International Monetary Fund.
- Bagliano, Fabio-Cesare & Favero, Carlo A., 1997.
"Measuring Monetary Policy with VAR Models: An Evaluation,"
CEPR Discussion Papers
1743, C.E.P.R. Discussion Papers.
- Bagliano, Fabio C. & Favero, Carlo A., 1998. "Measuring monetary policy with VAR models: An evaluation," European Economic Review, Elsevier, vol. 42(6), pages 1069-1112, June.
- Fabio C. Bagliano & Carlo A. Favero, . "Measuring Monetary Policy with VAR Models: an Evaluation," Working Papers 132, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Jeremy C. Stein & Anil K. Kashyap, 2000. "What Do a Million Observations on Banks Say about the Transmission of Monetary Policy?," American Economic Review, American Economic Association, vol. 90(3), pages 407-428, June.
- Carlo Cottarelli & Angeliki Kourelis, 1994. "Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy," IMF Staff Papers, Palgrave Macmillan, vol. 41(4), pages 587-623, December.
- Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-76, December.
When requesting a correction, please mention this item's handle: RePEc:oxf:wpaper:wps/2012-03. 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: (Caroline Wise)
If references are entirely missing, you can add them using this form.