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Monetary Policy Announcements And Exchange Rates In Kenya
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Book Synopsis Monetary Policy Announcements and Exchange Rates in Kenya by : Ruth Wanjiru
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.
Book Synopsis Monetary and Exchange Rate Policy in Kenya by : Njuguna Ndung'u
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:
Book Synopsis Bi-annual Report of the Monetary Policy Committee by : Central Bank of Kenya. Monetary Policy Committee
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:
Book Synopsis Monetary Policy Statement by : Central Bank of Kenya
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 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exchange Rate Overshooting and Its Transmission Through the Monetary Policy in Kenya by : Jacob Oduor
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:
Book Synopsis The Monetary Transmission Mechanism in the Tropics by : Mr.Andrew Berg
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.
Book Synopsis The Exchange Rate and the Interest Rate Differential in Kenya by : Njuguna Ndung'u
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.
Book Synopsis Forecasting and Monetary Policy Analysis in Low-Income Countries by : Michal Andrle
Download or read book Forecasting and Monetary Policy Analysis in Low-Income Countries written by Michal Andrle and published by . This book was released on 2013-03-07 with total page 63 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.
Book Synopsis The Exchange Rate Pass-through to Inflation and Its Implications for Monetary Policy in Cameroon and Kenya by : Dongue Ndongo Patrick Revelli
Download or read book The Exchange Rate Pass-through to Inflation and Its Implications for Monetary Policy in Cameroon and Kenya written by Dongue Ndongo Patrick Revelli and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries by : International Monetary Fund
Download or read book Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-23 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.
Book Synopsis Monetary Policy Transmission in Emerging Markets and Developing Economies by : Mr.Luis Brandao-Marques
Download or read book Monetary Policy Transmission in Emerging Markets and Developing Economies written by Mr.Luis Brandao-Marques and published by International Monetary Fund. This book was released on 2020-02-21 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks in emerging and developing economies (EMDEs) have been modernizing their monetary policy frameworks, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary policy transmission from interest rates to inflation and output have often stalled progress. We conduct a novel empirical analysis using Jordà’s (2005) approach for 40 EMDEs to shed a light on monetary transmission in these countries. We find that interest rate hikes reduce output growth and inflation, once we explicitly account for the behavior of the exchange rate. Having a modern monetary policy framework—adopting IT and independent and transparent central banks—matters more for monetary transmission than financial development.
Book Synopsis Monetary and Currency Policy Management in Asia by : Masahiro Kawai
Download or read book Monetary and Currency Policy Management in Asia written by Masahiro Kawai and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asian economies strengthened their monetary and currency management after the Asian financial crisis of 19971998, and came through the global financial crisis of 20072009 relatively well. Nevertheless, the recent global crisis has presented new challenges. This book develops recommendations for monetary and currency policy in Asian economies aimed at promoting macroeconomic and financial stability in an environment of global economic shocks and volatile capital flows. Monetary and Currency Policy Management in Asia draws lessons from crises and makes concrete macroeconomic policy recommendations aimed at minimizing the impacts of an economic and financial downturn, and setting the stage for an early return to sustainable growth. The focus is on short-term measures related to the cycle. The three main areas addressed are: monetary policy measures, both conventional and unconventional, to achieve both macroeconomic and financial stability; exchange rate policy and foreign exchange reserve management, including the potential for regional cooperation to stabilize currency movements; and ways to ease the constraints on policy resulting from the so-called 'impossible trinity' of fixed exchange rates, open capital accounts and independent monetary policy. This is one of the first books since the global financial crisis to specifically and comprehensively address the implications of the crisis for monetary and currency policy in emerging market economies, especially in Asia. Presenting a broad menu of policy options for financial reform and regulation, the book will be of great interest to finance experts and policymakers in the region as well as academics and researchers of financial and Asian economics as well as economic development.
Book Synopsis Monetary Policy in Sub-Saharan Africa by : Andrew Berg
Download or read book Monetary Policy in Sub-Saharan Africa written by Andrew Berg and published by Oxford University Press. This book was released on 2018-04-27 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: Low-income countries in sub-Saharan Africa present unique monetary policy challenges, from the high share of volatile food in consumption to underdeveloped financial markets. This book draws on the International Monetary Fund's research and practice to uncover how monetary policy in this region currently operates, and what changes should be made.
Book Synopsis Conditionality in Evolving Monetary Policy Regimes by : International Monetary Fund
Download or read book Conditionality in Evolving Monetary Policy Regimes written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-05-03 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: With single-digit inflation and substantial financial deepening, developing countries are adopting more flexible and forward-looking monetary policy frameworks and ascribing a greater role to policy interest rates and inflation objectives. While some countries have adopted formal inflation targeting regimes, others have developed frameworks with greater target flexibility to accommodate changing money demand, use of policy rates to signal the monetary policy stance, and implicit inflation targets.
Book Synopsis The Federal Reserve System Purposes and Functions by : Board of Governors of the Federal Reserve System
Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1484366808 Total Pages :105 pages Book Rating :4.4/5 (843 download)
Book Synopsis Annual Report on Exchange Arrangements and Exchange Restrictions 2013 by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Annual Report on Exchange Arrangements and Exchange Restrictions 2013 written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2013-12-15 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the 64th issue of the AREAER. It provides a description of the foreign exchange arrangements, exchange and trade systems, and capital controls of all IMF member countries. It also provides information on the operation of foreign exchange markets and controls on international trade. It describes controls on capital transactions and measures implemented in the financial sector, including prudential measures. In addition, it reports on exchange measures imposed by member countries for security reasons. A single table provides a snapshot of the exchange and trade systems of all IMF member countries. The Overview describes in detail how the general trend toward foreign exchange liberalization continued during 2012, alongside a strengthening of the financial sector regulatory framework. The AREAER is available in several formats. The Overview in print and online, and the detailed information for each of the 191 member countries and territories is included on a CD that accompanies the printed Overview and in an online database, AREAER Online. In addition to the information on the exchange and trade system of IMF member countries in 2012, AREAER Online contains historical data published in previous issues of the AREAER. It is searchable by year, country, and category of measure and allows cross country comparisons for time series.
Book Synopsis Monetary Policy Implementation and Volatility Transmission along the Yield Curve by : Mr.Emre Alper
Download or read book Monetary Policy Implementation and Volatility Transmission along the Yield Curve written by Mr.Emre Alper and published by International Monetary Fund. This book was released on 2016-06-20 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the degree to which volatility in interbank interest rates leads to volatility in financial instruments with longer maturities (e.g., T-bills) in Kenya since 2012, year in which the monetary policy framework switched to a forward-looking approach, relative to seven other inflation targeting (IT) countries (Ghana, Hungary, Poland, South Africa, Sweden, Thailand, and Uganda). Kenya shows strong volatility transmission and high persistence similar to other countries in transition to a more forward-looking monetary policy framework. These results emphasize the importance of a strong commitment to an interbank rate as an operational target and suggest that the central bank could reduce uncertainty in short-term yields significantly by smoothing out the overnight interest rates around the policy rate.
