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Author : Njuguna Ndung'u
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.F/5 ( download)
Download or read book Monetary and Exchange Rate Policy in Kenya written by Njuguna Ndung'u and published by . This book was released on 1999 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Njuguna Ndung'u
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.F/5 ( download)
Download or read book The Exchange Rate and the Interest Rate Differential in Kenya written by Njuguna Ndung'u and published by . This book was released on 2000 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper analyses the relationship between real exchange rate movements and the real interest rate differential. Its main objective in doing this is to argue the case for non-intervention in the foreign exchange market to sterilize short-term capital flows."--P. 21.
Author : Central Bank of Kenya. Monetary Policy Committee
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.3/5 ( download)
Download or read book Bi-annual Report of the Monetary Policy Committee written by Central Bank of Kenya. Monetary Policy Committee and published by . This book was released on 2011 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Central Bank of Kenya
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (1 download)
Download or read book Monetary Policy Statement written by Central Bank of Kenya and published by . This book was released on 2011 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ruth Wanjiru
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Monetary Policy Announcements and Exchange Rates in Kenya written by Ruth Wanjiru and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The study examines how monetary policy announcements affect the level and volatility of exchange rates in Kenya for the period 2005-2014. The exchange rates under study are: the KES/USD, KES/GBP, KES/EUR and KES/UGX. The study uses the GARCH (1, 1) and EGARCH taking into account monetary policy announcements using dummy variables to analyze the relationship between monetary policy announcements and exchange rates. We find evidence that the monetary policy announcements do not significantly influence the level of exchange rates except where the announcement directly involves the exchange rate. Only announcements regarding foreign exchange intervention significantly influenced exchange rate volatility as was the case in the period 2011-2012. The long run variance indicated lack of persistence of shocks on the exchange rate volatility which provides further evidence of the relative insignificance of monetary policy announcements on exchange rate volatility. We conclude that in Kenya, monetary policy announcements are merely secondary determinants of exchange rate volatility. The current study differs from previous studies that have focused the impact of exchange rate volatility on international trade and economic growth and the Central Bank of Kenya response to changes in inflation, exchange rate and GDP growth literature regarding the relationship between monetary policy and exchange rate volatility in a frontier market.
Author : Jacob Oduor
Publisher :
ISBN 13 : 9783832278984
Total Pages : 91 pages
Book Rating : 4.2/5 (789 download)
Download or read book Exchange Rate Overshooting and Its Transmission Through the Monetary Policy in Kenya written by Jacob Oduor and published by . This book was released on 2009 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michal Andrle
Publisher : International Monetary Fund
ISBN 13 : 1475516525
Total Pages : 106 pages
Book Rating : 4.4/5 (755 download)
Download or read book Forecasting and Monetary Policy Analysis in Low-Income Countries written by Michal Andrle and published by International Monetary Fund. This book was released on 2013-03-07 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a semi-structural new-Keynesian open-economy model, with separate food and non-food inflation dynamics, for forecasting and monetary policy analysis in low-income countries and apply it to Kenya. We use the model to run several policy-relevant exercises. First, we filter international and Kenyan data (on output, inflation and its components, exchange rates and interest rates) to recover a model-based decomposition of most variables into trends (or potential values) and temporary movements (or gaps)—including for the international and domestic relative price of food. Second, we use the filtration exercise to recover the sequence of domestic and foreign macroeconomic shocks that account for business cycle dynamics in Kenya over the last few years, with a special emphasis on the various factors (international food prices, monetary policy) driving inflation. Third, we perform an out-of-sample forecast to identify where the economy—and therefore policy—was likely headed given the inflationary pressures at the end of our sample (2011Q2). We find that while imported food price shocks have been an important source of inflation, both in 2008 and more recently, accommodating monetary policy has also played a role, most notably through its effect on the nominal exchange rate. The model correctly predicted that a policy tightening was required, although the actual interest rate increase was larger. We discuss implications for the use of model-based policy analysis in low income countries.
Author : Mr.Andrew Berg
Publisher : International Monetary Fund
ISBN 13 : 1484398130
Total Pages : 54 pages
Book Rating : 4.4/5 (843 download)
Download or read book The Monetary Transmission Mechanism in the Tropics written by Mr.Andrew Berg and published by International Monetary Fund. This book was released on 2013-09-20 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many central banks in low-income countries in Sub-Saharan Africa are modernising their monetary policy frameworks. Standard statistical procedures have had limited success in identifying the channels of monetary transmission in such countries. Here we take a narrative approach, following Romer and Romer (1989), and center on a significant tightening of monetary policy that took place in 2011 in four members of the East African Community: Kenya, Uganda, Tanzania and Rwanda. We find clear evidence of the transmission mechanism in most of the countries, and argue that deviations can be explained by differences in the policy regime in place.
Author : Kevin C. Cheng
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (318 download)
Download or read book A VAR Analysis of Kenya's Monetary Policy Transmission Mechanism: How Does the Central Bank's REPO Rate Affect the Economy? written by Kevin C. Cheng and published by International Monetary Fund. This book was released on 2006-12 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of a monetary policy shock on output, prices, and the nominal effective exchange rate for Kenya using data during 1997–2005. Based on techniques commonly used in the vector autoregression literature, the main results suggest that an exogenous increase in the short-term interest rate tends to be followed by a decline in prices and appreciation in the nominal exchange rate, but has insignificant impact on output. Moreover, the paper finds that variations in the short-term interest rate account for significant fluctuations in the nominal exchange rate and prices, while accounting little for output fluctuations.
Download or read book The Effect of Exchange Rate Policy on the Economic Development of Kenya written by and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation attempts to assess the negative effect that the Kenyan government's exchange rate policy had on aggregate output and on sectoral composition of output. The Kenyan government chose a macroeconomic policy set in order to achieve certain economic, political, and social goals as part of its development objectives. The policy mix included industrialization policies, a expansionary monetary policy, a pegged exchange rate, and other policies that created a bias against the agricultural sectors. An empirical macroeconomic model was constructed to capture the economic processes that cause equilibirium exchange rate fluctuations. The exchange rate is determined by Kenya's price level relative to the rest of the world and by Kenya's productivity relative to the rest of the world. Exogenous events and government policies that affect the price level and productivity will influence the exchange rate as well. A model of equilibrium exchange rate movements can then be used to assess exchange rate misalignment: ' i.e.', when the exchange rate undervalues or overvalues the domestic currency relative to foreign currency. Given a calibrated model for Kenya's macroeconomy, a simulation was used to compare Kenya's actual experience with a counter-factual exchange rate policy that produces no relative price distortions. The results indicate, among other effects, that a floating exchange rate policy would have led to higher total output compared to the exechange rate policy that Kenya actually pursued.
Download or read book Kenya's Exchange Rate Movement in a Liberalized Environment written by and published by . This book was released on 2001 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Njuguna Ndung'u
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.F/5 ( download)
Download or read book Liberalization of the Foreign Exchange Market in Kenya and the Short-term Capital Flows Problem written by Njuguna Ndung'u and published by . This book was released on 2001 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451821190
Total Pages : 29 pages
Book Rating : 4.4/5 (518 download)
Download or read book Kenya written by International Monetary Fund and published by International Monetary Fund. This book was released on 2008-10-17 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper on Kenya reviews Kenya’s external stability in a context where the exchange rate has strengthened and capital inflows are playing an increasingly important role. Kenya’s external current account deficit has widened, reflecting strong import volumes as well as rising import prices, particularly for oil, but external debt as a percent of GDP has declined steadily. Underlying these developments have been a steady increase in capital inflows and a remarkable rebound of economic growth since 2003 after two decades of stagnation.
Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 55 pages
Book Rating : 4.4/5 (2 download)
Download or read book Kenya written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2024-01-17 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: Kenya: Selected Issues
Author : Patrick Njoroge
Publisher : Oxford University Press
ISBN 13 : 0198851820
Total Pages : 510 pages
Book Rating : 4.1/5 (988 download)
Download or read book 50 Years of Central Banking in Kenya written by Patrick Njoroge and published by Oxford University Press. This book was released on 2021 with total page 510 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book documents important milestones in the epic journey traversed by the Central Bank of Kenya over the last 50 years, putting into perspective the evolution of central banking globally and within the East African region, and contemplating future prospects and challenges. The book is timely, mainly because the global financial landscape has shifted. Central bankers have expanded their mandates, beyond the singular focus on inflation and consider economic growth as their other important objective. Financial crises have continued to disrupt the functioning of financial institutions and markets, the most devastating episodes being the global financial crisis, which broke out in 2008 and from which the global financial system has not fully recovered, and the unprecedented challenges posed by the global coronavirus pandemic. Bank regulation has moved from Basel I, to Basel II, and somehow migrated to Basel III, although some countries are still at the cross-roads. The book originated from the wide ranging discussions on central banking, from a symposium to celebrate the 50 year anniversary on 13 September 2016 in Nairobi. The participants at the symposium included current and former central bank governors from Kenya and the Eastern Africa region, high level officials from multilateral financial institutions, policy makers, bank executives, civil society actors, researchers and students. The book is an invaluable resource for policy makers, practitioners and researchers, on how monetary policy and financial practices in vogue today in Kenya have evolved through time and worked very well, but also about some pitfalls"--
Author : Mr.Paulo Drummond
Publisher : International Monetary Fund
ISBN 13 : 1513562177
Total Pages : 58 pages
Book Rating : 4.5/5 (135 download)
Download or read book Toward a Monetary Union in the East African Community written by Mr.Paulo Drummond and published by International Monetary Fund. This book was released on 2015-07-20 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how susceptible East African Community (EAC) economies are to asymmetric shocks, assesses the value of the exchange rate as a shock absorber for these countries, and reviews adjustment mechanisms that would help ensure a successful experience under a common currency. The report draws on analysis of recent experiences and examines likely future changes in the EAC economies.
Author : Sheila Page
Publisher : Routledge
ISBN 13 : 1136139168
Total Pages : 381 pages
Book Rating : 4.1/5 (361 download)
Download or read book Monetary Policy in Developing Countries written by Sheila Page and published by Routledge. This book was released on 2013-10-11 with total page 381 pages. Available in PDF, EPUB and Kindle. Book excerpt: Developing countries now use monetary policy as part of their adjustment programmes but its targets, the tools, and the theory were developed for advanced countries. Low income countries do not have the sophisticated financial sectors that rich ones can assume, and the shocks and size of adjustment which they face may be much greater. Using six country studies, with special analysis of the roles of the external sector and the informal financial sector, this book analyses the interaction among monetary policy, the financial sector, and development.
