The Measurement of Credit Channel in the CEMAC Zone

Jean Louis Ekomane () and Benjamin Yamb ()
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Benjamin Yamb: Advanced School of Economics and Commerce, University of Douala, Cameroon.

Journal of Economics and Political Economy, 2016, vol. 3, issue 4, 744-766

Abstract: This article measures the credit channel’s parameters in monetary policy transmission in the CEMAC zone. Having highlighted the limitations of other channels with a theoretical and factual assessment, we check the effectiveness of bank credit channel through the autoregressive vectors’ method, using consolidated monetary and macroeconomic data from six countries in the Zone, from 1960 to 2012. It appears that credit channel is narrow. It has a low outflow and a depth-based credit as far as the private sector is concerned, while the GDP reacts with a two-year period following a monetary policy impulse.

Keywords: Credit channel measurement; Monetary policy; Autoregressive vectors; CEMAC. (search for similar items in EconPapers)
JEL-codes: E51 E52 E58 G32 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (1)

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