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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.
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.
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.
There's Only One You
Celebrate your individuality with this picture book that honors all the wonderful things that make you . . . you. “A picture-book celebration of individuality and diversity. . . . Affirming and welcome.” —Kirkus “In all the world over, this much is true: You’re somebody special. There’s only one YOU.” This feel-good book reassures kids that, whoever and whatever they are, it’s awesome being YOU! Expertly written to include all kinds of children and families, it embraces the beauty in a range of physical types, personalities, and abilities. Kids will love discovering and recognizing themselves in these pages—and they’ll feel proud to see their special qualities acknowledged. Adorable illustrations by Rosie Butcher show a diverse community that many will find similar to their own.
Be Polite and Kind
When children are kind, courteous, and respectful, people enjoy being around them and reciprocate with the same behavior. This book helps kids understand the importance of showing politeness, speaking kindly, using basic courtesies (“please,” “thank you,” “excuse me”), and respecting the feelings of others. Scenarios and role-play activities help adults reinforce the book's lessons.
This Bridge Called My Back
Originally released in 1981, This Bridge Called My Back is a testimony to women of color feminism as it emerged in the last quarter of the twentieth century. Through personal essays, criticism, interviews, testimonials, poetry, and visual art, the collection explores, as coeditor Cherríe Moraga writes, "the complex confluence of identities--race, class, gender, and sexuality--systemic to women of color oppression and liberation." Reissued here, forty years after its inception, this anniversary edition contains a new preface by Moraga reflecting on Bridge's "living legacy" and the broader community of women of color activists, writers, and artists whose enduring contributions dovetail with i...
