Post-crisis Monetary Policy Frameworks in sub-Saharan Africa
Post-crisis Monetary Policy Frameworks in sub-Saharan Africa
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撒哈拉以南非洲危机后货币政策框架
DOI：
10.1111/j.1467-8268.2011.00280.x
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发表时间：
2011
期刊：
影响因子：
--
通讯作者：
M. Brownbridge
中科院分区：
文献类型：
--
作者：
L. Kasekende;M. Brownbridge
翻译后摘要：大多数的货币政策框架，使用国内锚的货币政策在撒哈拉以南非洲（SSA）采用定量货币目标。 虽然这些框架证明有助于降低撒哈拉以南非洲的通货膨胀，但它们并不适合酌情微调货币政策。货币政策框架应在危机后时期进行改革，特别是在撒哈拉以南非洲的“前沿市场”，随着经济发展和国内金融部门融入全球市场，对积极需求管理的需求将增加。改革应包括在通胀之外采用一套更广泛的政策目标，用一套更复杂的指标和预测取代广义货币作为中间目标，以及对操作目标进行改革。从本质上讲，央行应该引入一种精简的通胀目标制。这应该辅之以加强货币政策传导机制的措施。
Abstract: Most of the monetary policy frameworks which use a domestic anchor for monetary policy in sub-Saharan Africa (SSA) employ quantitative money targets. Although these frameworks proved useful in reducing inflation in SSA, they are not well suited to the discretionary fine tuning of monetary policy. Monetary policy frameworks should be reformed in the post-crisis period, especially in the ‘frontier markets’ of SSA, where the need for activist demand management will grow in line with economic development and the integration of domestic financial sectors into global markets. Reforms should include adopting a broader set of policy objectives in addition to inflation, replacing broad money as the intermediate target with a more sophisticated set of indicators and forecasts and reform of the operating target. In essence, central banks should introduce a form of inflation targeting lite. This should be complemented by measures to strengthen the transmission mechanism of monetary policy.