Tramsission de la politique monétaire: le cas des pays de la CEMAC

This article analyzes the process by which the monetary policy influences economies of the six countries of the Economic and Monetary Community of Central Africa (CEMAC) during the period 1980-2008. After having identified the channels of interest rate, credit and currency, we show that the monetary policy ended in differentiated effects on the economies of the sub-region. In particular, extent of the shocks on the variables of the monetary transmission led to important differences between the countries with short and long-term

Tramsission de la politique monétaire: le cas des pays de la CEMAC

This article analyzes the process by which the monetary policy influences economies of the six countries of the Economic and Monetary Community of Central Africa (CEMAC) during the period 1980-2008. After having identified the channels of interest rate, credit and currency, we show that the monetary policy ended in differentiated effects on the economies of the sub-region. In particular, extent of the shocks on the variables of the monetary transmission led to important differences between the countries with short and long-term

Tramsission de la politique monétaire: le cas des pays de la CEMAC

This article analyzes the process by which the monetary policy influences economies of the six countries of the Economic and Monetary Community of Central Africa (CEMAC) during the period 1980-2008. After having identified the channels of interest rate, credit and currency, we show that the monetary policy ended in differentiated effects on the economies of the sub-region. In particular, extent of the shocks on the variables of the monetary transmission led to important differences between the countries with short and long-term

Developing Local Currency Bond Markets for Long-term Development Financing in Sub-Saharan Africa

This article discusses the role that local currency bond markets (LCBMs) can play in the long-term financing of sustainable development of Sub-Saharan African (SSA) economies and presents an empirical analysis of the factors which may hinder or promote the development of such markets in SSA. Using a new dataset for 27 SSA countries, our findings support earlier research on SSA and other regions, showing that LCBM development is related to country size, larger banking systems, greater trade openness and better regulatory frameworks and the rule of law. Foreign investor participation broadens the investor base and can give a boost to LCBM development, yet it may also increase volatility of international capital flows. Hence, with view to the experience of emerging economies in other regions, capital market liberalisation should be pursued only very cautiously and in pace with solid financial and institutional development

Impacts of institutional intervention on price transmissions : the case of the Ethiopian commodity exchange

In the aftermath of the market liberalization reforms, interventions in developing countries shifted toward building institutions. One of such interventions is the introduction of commodity exchanges. The theoretical justification is that commoditization reduces the high transaction costs associated with the information and enforcement problems characterizing agricultural markets of these countries. However it is not known whether these potential gains are transmitted to the various markets along a value chain. By taking the Ethiopian Commodity Exchange (ECX) as a case, this paper examines the impacts of the introduction of the commodity exchange in transmitting price signals along the coffee value chain (world-export-auction-producer prices). We found that both the speed and symmetry of transmission remains weak even after the launch of ECX. At each level, the market chain was found to favor buyers. This implies that not only the country's gains from export are sub-optimal, the cumulative burden is on the millions of smallholder farmers who are located at the bottom of the chain. In a context where local agricultural markets remain traditional and export markets barely competitive, the introduction of the commodity exchange will have limited impacts in improving the performance of markets in transmitting price signals. Other policy measures to further liberalize both local and export markets are required