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Introducing a Semi-Structural Macroeconomic Model for Rwanda
We develop a simple semistructural model for the Rwandan economy to better understand the monetary policy transmission mechanism. A key feature of the model is the introduction of a modified uncovered interest parity condition to capture key structural features of Rwanda’s economy and policy framework, such as the limited degree of capital mobility. A filtration of the observed data through the model allows us to illustrate the contribution of various factors to inflation dynamics and its deviations from the inflation target. Our results, consistent with evidence for other countries in the region, suggest that food and oil prices as well as the exchange rate have accounted for the bulk of inflation dynamics in Rwanda.
The Monetary Transmission Mechanism in the Tropics
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 narrative approach, following Romer and Romer (1989), and center 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 clear evidence of the transmission mechanism in most of the countries, and argue that deviations can be explained by differences in the policy regime in place.
Mauritius
This 2017 Article IV Consultation highlights that the international reserve buffers have improved substantially in Mauritius. The government intends to pursue an ambitious growth strategy anchored on significant public investments in infrastructure and improvements in the business environment. Growth is projected at 3.9 percent in 2017, and about 4.0 percent over the medium term. The authorities have taken steps to mitigate financial stability risks and are well-advanced in modernizing financial sector regulation. However, the vibrant Global Business Sector faces pressure from international anti-tax avoidance initiatives. Fiscal space is limited, fiscal risks are increasing, and there are signs of building inflationary pressures.
What Do Monetary Contractions Do? Evidence From Large, Unanticipated Tightenings
As the “Volcker shock” is believed to have generated useful information on the effects of monetary policy, this paper develops a simple procedure to identify other unanticipated monetary contractions. The approach is applied to a panel data set spanning 162 countries (over the period 1970-2017), in which it identifies 147 large monetary contractions. The procedure selects episodes where a protracted period of loose monetary policy was suddenly followed by sizeable nominal interest rate increases. Focusing on contractions of significant size increases the signal-to-noise ratio, while they are unlikely to be accompanied by confounding “information effects” (markets interpreting a rate ...
Comparative Law Yearbook
The Yearbook offers an important forum for legal practitioners to address and compare practical legal issues of direct interest to their areas of specialisation. Each volume features a comprehensive range of articles written for and by leading practitioners and advisers working within the international business sector. This eighteenth volume contains chapters on: the law relating to banking competition dispute settlement foreign investment and secured transactions general commercial issues facing international businesses the various laws and regulations governing investment and the operating of companies in foreign countries (which should be of great interest to anyone involved with the business of multi-jurisdictional organizations.) banking regulations and the need to obtain security over transactions Other important issues covered in the general section of this volume are those of product safety, restraint of trade, clauses in employment contracts and the remedies available to foreign sellers of goods. All the above topics contribute to making this volume of the Yearbook a valuable tool for international legal practitioners and their clients.
