Monetary policy coordination leader followership

Leroi Raputsoane

MPRA Paper from University Library of Munich, Germany

Abstract: This paper analyses the leader followership phenomenon in monetary policy coordination in South Africa, the Advanced, Developed and Emerging counties. The coordination of monetary policy in Advanced counties is examined in individual countries while such coordination in Developed and Emerging countries is examined in groups of countries. These countries comprise South Africa, United States, Euro area, United Kingdom and Japan while the groups of countries comprise the Developed, BRIC, Eastern Europe, East Asia and Latin American countries. The results show that monetary policy coordination is led by the United States and Developed countries, that monetary policy coordination in United Kingdom, Eastern European countries and the Euro area is intermediate while South Africa and Latin America are followers in monetary policy coordination. The results further show that Japan, BRIC and Eastern Europe coordinate monetary policy independent of the rest of the selected countries.

Keywords: Central bank; Monetary policy; Causal Inference (search for similar items in EconPapers)
JEL-codes: C11 C70 E43 E58 (search for similar items in EconPapers)
Date: 2018-04-03
New Economics Papers: this item is included in nep-cba, nep-mac, nep-mon and nep-sea
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:85684

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