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Monetary Policy Transmission In Ghana
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Book Synopsis Monetary Policy Transmission in Ghana by : Arto Kovanen
Download or read book Monetary Policy Transmission in Ghana written by Arto Kovanen and published by . This book was released on 2011-11-01 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes interest rate pass-through in Ghana. Time series and bank-specific data are utilized to highlight linkages between policy, wholesale market, and retail market interest rates. Our analysis shows that responses to changes in the policy interest rate are gradual in the wholesale market. Prolonged deviation in the interbank interest rate from the prime rate illustrate the challenges the Bank of Ghana faces when targeting a short-term money market interest rate. Asymmetries in the wholesale market adjustment possibly relate to monetary policy signaling, weak policy credibility, and liquidity management. In the retail market, pass-through to deposit and lending interest rates is protracted and incomplete.1
Book Synopsis Monetary Transmission Mechanism and Monetary Policy in Ghana by : Alasana Njie-Ma
Download or read book Monetary Transmission Mechanism and Monetary Policy in Ghana written by Alasana Njie-Ma and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Policy on Ghana's Term Structure of Interest Rates by : Edward E. Ghartey
Download or read book Monetary Policy on Ghana's Term Structure of Interest Rates written by Edward E. Ghartey and published by . This book was released on 2005 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Monetary Policy Transmission Mechanism and Inflation Control in Ghana by : Mustapha Ibn Boamah
Download or read book The Monetary Policy Transmission Mechanism and Inflation Control in Ghana written by Mustapha Ibn Boamah and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Quarterly Projection Model for the Bank of Ghana by : Philip Abradu-Otoo
Download or read book Quarterly Projection Model for the Bank of Ghana written by Philip Abradu-Otoo and published by International Monetary Fund. This book was released on 2022-09-02 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper describes the Quarterly Projection Model (QPM) that underlies the Bank of Ghana Forecasting and Policy Analysis System (FPAS). The New Keynesian semi-structural model incorporates the main features of the Ghanaian economy, transmission channels and policy framework, including an inflation targeting central bank and aggregate demand effects of fiscal policy. The shock propagation mechanisms embedded in the calibrated QPM demonstrate its theoretical consistency, while out-of-sample forecasting accuracy validates its empirical robustness. Another important part of the QPM is endogenous policy credibility, which may aggravate policy trade-offs in the model and make it more realistic for developing economies. Historical track record of real time policy analysis and medium-term forecasting conducted with the QPM – as a component of the broader FPAS analytical organization – establishes its critical role in supporting the Bank’s forward-looking monetary policy framework.
Download or read book Ghana written by Cletus K. Dordunoo and published by . This book was released on 1998 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Does Monetary Policy Action Have Significant Impact on the Real Economy? A Critical Look at the Aggregate Demand Function for Ghana by : Nana Kwame Akosah
Download or read book Does Monetary Policy Action Have Significant Impact on the Real Economy? A Critical Look at the Aggregate Demand Function for Ghana written by Nana Kwame Akosah and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of monetary policy on real economic activities using a modified open-economy New Keynesian aggregate demand function for Ghana over the period 2000Q1-2016Q4. Our analysis shows that all the determinants of aggregate demand have the expected theoretical signs. We observed that tighter monetary policy dampens economic activities in Ghana, as the elasticity of domestic output gap to changes in real monetary condition index - which is a combination of real exchange rate and interest rate gaps - were all negative and significant. The results also show that lag and lead domestic output gap, foreign output gap and structural fiscal gap have positive impact on current output gap. In particular, the weight of real exchange rate in the output gap equation appears to outweigh that of real interest rate and lagged output gap in the case of Ghana. This accentuates the relevance of real exchange rate in Ghana's monetary policy transmission mechanism.
Book Synopsis Monetary Policy and Financial Sector Reform in Africa by : Mahamudu Bawumia
Download or read book Monetary Policy and Financial Sector Reform in Africa written by Mahamudu Bawumia and published by CreateSpace. This book was released on 2010 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ghana has a reputation as a trailblazer in sub-Saharan Africa in many areas including monetary policy and financial sector reform. This book provides a detailed and chronological account of monetary policy and financial sector reform in Ghana since independence in 1957 in the context of developments in the international monetary system through the Great Depression, the Bretton Woods System, the Washington Consensus, Structural Adjustment, HIPC, and the recent global financial crisis. What informed the choices of the different monetary policy regimes and reforms? What was the role of the political economy? What was the impact of the different monetary regimes and financial sector reforms on the performance of Ghana's economy? The book examines these issues and draws lessons for other African and developing economies.
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 The Role of Energy Price Shocks in the Transmission of Monetary Policy in an Inflation Targeting Country by : Simon Kwadzogah Harvey
Download or read book The Role of Energy Price Shocks in the Transmission of Monetary Policy in an Inflation Targeting Country written by Simon Kwadzogah Harvey and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Policy and Financial Sector Reform in Africa by : Mahamudu Bawumia
Download or read book Monetary Policy and Financial Sector Reform in Africa written by Mahamudu Bawumia and published by Booklocker.com. This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a chronological account of monetary policy and financial sector reform in Ghana since independence, in the context of developments in the global economy. What informed the choices of the different monetary policy regimes and reforms? What was the impact of the different monetary regimes and financial sector reforms on the performance of Ghana's economy? The book examines these issues and draws lessons on the way forward for Ghana and other African countries.
Book Synopsis E-Money and Monetary Policy Transmission by : Zixuan Huang
Download or read book E-Money and Monetary Policy Transmission written by Zixuan Huang and published by International Monetary Fund. This book was released on 2024-03-29 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: E-money development has important yet theoretically ambiguous consequences for monetary policy transmission, because nonbank deposit-taking e-money issuers (EMIs) (e.g., mobile network operators) can either complement or substitute banks. Case studies of e-money regulations point to complementarity of EMIs with banks, implying that the development of e-money could deepen financial intermediation and strengthen monetary policy transmission. The issue is further explored with panel data, on both monthly (covering 21 countries) and annual (covering 47 countries) frequencies, over 2001 to 2019. We use a two-way fixed effect estimator to estimate the causal effects of e-money development on monetary policy transmission. We find that e-money development has accompanied stronger monetary policy transmission (measured by the responsiveness of interest rates to the policy rate), growth in bank deposits and credit, and efficiency gains in financial intermediation (measured by the lending-to-deposit rate spread). Evidence is more pronounced in countries where e-money development takes off in a context of limited financial inclusion. This paper highlights the potential benefits of e-money development in strengthening monetary policy transmission, especially in countries with limited financial inclusion.
Book Synopsis Prices and Monetary Policy in Ghana: A Case of Two Policy Instruments by : Nana Quaicoe
Download or read book Prices and Monetary Policy in Ghana: A Case of Two Policy Instruments written by Nana Quaicoe and published by LAP Lambert Academic Publishing. This book was released on 2014-10-10 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: The primary objective of this study involves evaluating the link between monetary policy, price levels, and the bilateral real exchange rate in Ghana by delineating between different monetary policy instruments. Using monthly data from 1992-2013, a Vector Error Correction Model (VECM) is developed for exploring and measuring the relationship between monetary policy, inflation rate, and the bilateral real exchange rate in Ghana. The growth of broad money supply (M2) and the Monetary Policy Rate are used as the principal monetary policy instruments. Changes in the world commodity price index acts as an exogenous supply shock. Using this framework enables the comparison of existing literature to current research and assists in determining which monetary policy tool is more influential in general price stabilization in Ghana. Results suggest that both financial market quantities and financial market prices have an effect on inflation and real exchange rate in Ghana. However, the Monetary Policy Rate has a larger impact on macroeconomic variables than the growth of money supply. Supply shocks were found to have minimal effects on general prices in Ghana.
Book Synopsis Monetary Management in Ghana by : Stephen D. Younger
Download or read book Monetary Management in Ghana written by Stephen D. Younger and published by Cornell Food & Nutrition Policy Programs. This book was released on 1991 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 2016-09-08 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.
Book Synopsis A Model for Full-fledged Inflation Targeting and Application to Ghana by :
Download or read book A Model for Full-fledged Inflation Targeting and Application to Ghana written by and published by . This book was released on 2010 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: A model in which monetary policy pursues full-fledged inflation targeting adapts well to Ghana. Model features include: endogenous policy credibility; non-linearities in the inflation process; and a policy loss function that aims to minimize the variability of output and the interest rate, as well as deviations of inflation from the long-term low-inflation target. The optimal approach from initial high inflation to the ultimate target is gradual; and transitional inflation-reduction objectives are flexible. Over time, as policy earns credibility, expectations of inflation converge towards the long-run target, the output-inflation variability tradeoff improves, and optimal policy responses to shocks moderate.
Book Synopsis Financial Liberalization and Transmission of Monetary Policy in Developing Countries by : Ruzima Charles Sebuharara
Download or read book Financial Liberalization and Transmission of Monetary Policy in Developing Countries written by Ruzima Charles Sebuharara and published by . This book was released on 2007 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt:
