The Monetary Transmission Mechanism in the Tropics: A Case Study Approach

Andrew Berg (), Luisa Charry, Rafael Portillo and Jan Vlcek

Journal of African Economies, 2019, vol. 28, issue 3, 225-251

Abstract: 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 case study approach and centre 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 evidence of the transmission mechanism in most of the countries. Variations across countries can be explained mainly by differences in the policy regime.

Keywords: monetary policy transmission mechanism; Africa (search for similar items in EconPapers)
Date: 2019
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