Central Bank Policies and Market Power Over the Business Cycle in Africa

Daniel Ofori-Sasu, Elikplimi Komla Agbloyor, Saint Kuttu and Joshua Yindenaba Abor

Journal of Emerging Market Finance, 2022, vol. 21, issue 4, 385-411

Abstract: This article empirically examines the impact of the business cycle on the relationship between individual central bank policies and market power. We present a representative sample of 52 African economies over the period 2006–2018. We find that monetary, macro-prudential and central bank independence policies increase market power. The study found that, in the long run, market power reacts positively to changes or adjustments made to a central bank policy framework. We show that the individual central bank’s policy framework increase market power, when interacted with business cycle. JEL Codes: E3, E5, E61, G21, L10, L51, M21

Keywords: Central bank policies; business cycle; market power (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:sae:emffin:v:21:y:2022:i:4:p:385-411

DOI: 10.1177/09726527221086492

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