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Tramsission de la politique monétaire: le cas des pays de la CEMAC
[Monetary policy transmission: the case of the CEMAC]

  • MEZUI-MBENG, Pamphile

This article analyzes the process by which the monetary policy influences economies of the six countries of the Economic and Monetary Community of Central Africa (CEMAC) during the period 1980-2008. After having identified the channels of interest rate, credit and currency, we show that the monetary policy ended in differentiated effects on the economies of the sub-region. In particular, extent of the shocks on the variables of the monetary transmission led to important differences between the countries with short and long-term.

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File URL: https://mpra.ub.uni-muenchen.de/26110/1/MPRA_paper_26110.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 26032.

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Date of creation: 27 Aug 2010
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Handle: RePEc:pra:mprapa:26032
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  11. Benoît Mojon, 1998. "Structures financières et transmission de la politique monétaire en Europe, analyses comparatives de l’Allemagne, la France, l’Italie et le Royaume-Uni," Working Papers 1998-12, CEPII research center.
  12. Gouteron, S. & Szpiro, D., 2005. "Excès de liquidité monétaire et prix des actifs," Working papers 131, Banque de France.
  13. Christiano, Lawrence J. & Eichenbaum, Martin & Evans, Charles L., 1999. "Monetary policy shocks: What have we learned and to what end?," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 2, pages 65-148 Elsevier.
  14. Christian Bordes & Laurent Clerc & Vêlayoudom Marimoutou, 2007. "Is there a structural break in equilibrium velocity in the euro area?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00308654, HAL.
  15. Wojciech Maliszewski, 1999. "VAR-ing Monetary Policy in Poland," CASE Network Studies and Analyses 0188, CASE-Center for Social and Economic Research.
  16. 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.
  17. R. Glenn Hubbard, 1995. "Is there a "credit channel" for monetary policy?," Proceedings, Federal Reserve Bank of St. Louis, issue May, pages 63-77.
  18. Georgy Ganev & Krisztina Molnar & Krzysztof Rybinski & Przemyslaw Wozniak, 2002. "Transmission Mechanism of Monetary Policy in Centraland Eastern Europe," CASE Network Reports 0052, CASE-Center for Social and Economic Research.
  19. Jérôme Héricourt & Iuliana Matei, 2007. "Transmission de la politique monétaire dans les pays d'Europe Centrale et Orientale : que savons-nous vraiment ?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00515124, HAL.
  20. Wojciech Maliszewski, 2002. "Monetary Policy in Transition: Structural Econometric Modelling and Policy Simulations," CASE Network Studies and Analyses 0246, CASE-Center for Social and Economic Research.
  21. Sims, Christopher A & Stock, James H & Watson, Mark W, 1990. "Inference in Linear Time Series Models with Some Unit Roots," Econometrica, Econometric Society, vol. 58(1), pages 113-44, January.
  22. Morris Goldstein & Mohsin S. Khan, 1976. "Large versus Small Price Changes and the Demand for Imports (Demande d'importation et modification forte ou faible des prix) (Grandes y pequeñas variaciones de precios y la demanda de importación)," IMF Staff Papers, Palgrave Macmillan, vol. 23(1), pages 200-225, March.
  23. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
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