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035   $a(PQKBTitleCode)TC0000940758
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035   $a(IMF)WPIEE2006115
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100   $a20020129d2006      uf             0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aExcess Liquidity and Effectiveness of Monetary Policy : $eEvidence from Sub-Saharan Africa /$fMagnus Saxegaard
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2006.
215   $a1 online resource (52 p.)
225 1 $aIMF Working Papers
300   $a"May 2006."
311   $a1-4518-6375-6 
320   $aIncludes bibliographical references.
327   $a""Contents""; ""I. INTRODUCTION""; ""II. SOME STYLIZED FACTS ON RESERVE REQUIREMENTS AND EXCESS LIQUIDITY IN AFRICAN COUNTRIES""; ""III. MEASUREMENT OF EXCESS LIQUIDITY""; ""IV. EXCESS BANK LIQUIDITY AND MONETARY POLICY TRANSMISSION MECHANISM""; ""V. SUMMARY AND POLICY IMPLICATIONS""; ""References""
330 3 $aThis paper examines the pattern of excess liquidity in sub-Saharan Africa and its consequences for the effectiveness of monetary policy. The paper argues that understanding the consequences of excess liquidity requires quantifying the extent to which commercial bank holdings of excess liquidity exceed levels required for precautionary purposes. It proposes a methodology for measuring this quantity and uses it to estimate a nonlinear structural VAR model for the CEMAC region, Nigeria and Uganda. The study suggests that excess liquidity weakens the monetary policy transmission mechanism and thus the ability of monetary authorities to influence demand conditions in the economy.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2006/115
606   $aMonetary policy$zAfrica, Sub-Saharan$xEconometric models
606   $aLiquidity (Economics)$xEconometric models
606   $aBanks and Banking$2imf
606   $aFinance: General$2imf
606   $aMoney and Monetary Policy$2imf
606   $aPortfolio Choice$2imf
606   $aInvestment Decisions$2imf
606   $aBanks$2imf
606   $aDepository Institutions$2imf
606   $aMicro Finance Institutions$2imf
606   $aMortgages$2imf
606   $aMonetary Policy$2imf
606   $aFinance$2imf
606   $aBanking$2imf
606   $aMonetary economics$2imf
606   $aExcess liquidity$2imf
606   $aCommercial banks$2imf
606   $aReserve requirements$2imf
606   $aMonetary transmission mechanism$2imf
606   $aLiquidity$2imf
606   $aEconomics$2imf
606   $aBanks and banking$2imf
606   $aMonetary policy$2imf
607   $aNigeria$2imf
615  0$aMonetary policy$xEconometric models.
615  0$aLiquidity (Economics)$xEconometric models.
615  7$aBanks and Banking
615  7$aFinance: General
615  7$aMoney and Monetary Policy
615  7$aPortfolio Choice
615  7$aInvestment Decisions
615  7$aBanks
615  7$aDepository Institutions
615  7$aMicro Finance Institutions
615  7$aMortgages
615  7$aMonetary Policy
615  7$aFinance
615  7$aBanking
615  7$aMonetary economics
615  7$aExcess liquidity
615  7$aCommercial banks
615  7$aReserve requirements
615  7$aMonetary transmission mechanism
615  7$aLiquidity
615  7$aEconomics
615  7$aBanks and banking
615  7$aMonetary policy
700   $aSaxegaard$b Magnus$01485141
712 02$aInternational Monetary Fund.$bAfrican Dept.
801  0$bDcWaIMF
906   $aBOOK
912   $a9910788413503321
996   $aExcess Liquidity and Effectiveness of Monetary Policy$93802271
997   $aUNINA