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Excès de liquidité systémique et effectivité de la politique monétaire : cas des pays de la CEMAC
[Excess liquidity and monetary policy effectiveness: The case of CEMAC countries]

  • KAMGNA, Severin Yves
  • Ndambendia, Houdou

The excess of banks liquidity in the CEMAC zone, following the banking restructuring, brought the monetary authorities to undertake a certain number of reforms. The object of this article is, besides the determination of the explanatory factors of the excess of banks liquidity, to appreciate the efficiency of the transmission mechanisms of the monetary policy. It is evident from results of the evaluation that this phenomenon depends strongly on the economic and financial structures of every CEMAC’s country. To the level of the zone, only the credit to the private sector could reduce the liquidity in excess. In the same way, this situation reduces the efficiency of the monetary channel. This inefficiency of the monetary channel explains itself by the weak adjustment of the rate of the inter-bank market following an expansive monetary policy. These results confirms the necessity for the monetary authorities to implement actions aiming to increase the offer of credit to the private sector.

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File URL: http://mpra.ub.uni-muenchen.de/9599/1/MPRA_paper_9599.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 9599.

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Date of creation: 30 Jun 2008
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Handle: RePEc:pra:mprapa:9599
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  1. Agenor, Pierre-Richard & Aizenman, Joshua & Hoffmaister, Alexander W., 2004. "The credit crunch in East Asia: what can bank excess liquid assets tell us?," Journal of International Money and Finance, Elsevier, vol. 23(1), pages 27-49, February.
  2. Christopher Adam & Stephen O'Connell & Edward Buffie & Catherine Pattillo, 2009. "Monetary Policy Rules for Managing Aid Surges in Africa," Review of Development Economics, Wiley Blackwell, vol. 13(s1), pages 464-490, 08.
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  4. Gauti B. Eggertsson & Jonathan David Ostry, 2005. "Does Excess Liquidity Pose a Threat in Japan?," IMF Policy Discussion Papers 05/5, International Monetary Fund.
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  6. Gouteron, S. & Szpiro, D., 2005. "Excès de liquidité monétaire et prix des actifs," Working papers 131, Banque de France.
  7. Baltensperger, Ernst, 1974. "The Precautionary Demand for Reserves," American Economic Review, American Economic Association, vol. 64(1), pages 205-10, March.
  8. Poole, William, 1976. "A Proposal for Reforming Bank Reserve Requirements in the United States," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 8(2), pages 137-47, May.
  9. Abdelaziz Rouabah, 2007. "Mesure de la vulnérabilité du secteur bancaire luxembourgeois," BCL working papers 24, Central Bank of Luxembourg.
  10. International Monetary Fund, 2007. "Implications of Oil Inflows for Savings and Reserve Management in the Cemac," IMF Working Papers 07/243, International Monetary Fund.
  11. Ayse Ertugrul & Jerome Hericourt & Julien Reynaud, 2005. "Fonction de reaction et politique monetaire en changes fixes : une nouvelle formulation appliquee a la Turquie," Economie Internationale, CEPII research center, issue 103, pages 97-119.
  12. Francis Y. Kumah, 2007. "A Markov-Switching Approach to Measuring Exchange Market Pressure," IMF Working Papers 07/242, International Monetary Fund.
  13. Saab, Samer & Vacher, Jerome, 2007. "Banking Sector Integration and Competition in CEMAC," MPRA Paper 2011, University Library of Munich, Germany.
  14. Inese Buzeneca & Rodolfo Maino, 2007. "Monetary Policy Implementation; Results From a Survey," IMF Working Papers 07/7, International Monetary Fund.
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  17. repec:cai:recosp:reco_p1995_46n2_0393 is not listed on IDEAS
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