Cyclicyte De La Politique Monetaire Et Croissance Economique En Afrique Sub-Saharienne : Le Role De La Gouvernance Des Institutions

1
Nana Kuindja Rodrigue
Nana Kuindja Rodrigue
1 Université de Ngaoundéré - Cameroun

Send Message

To: Author

GJMBR Volume 20 Issue C3

Article Fingerprint

ReserarchID

C: FINANCER440T

Cyclicyte De La Politique Monetaire Et Croissance Economique En Afrique Sub-Saharienne : Le Role De  La Gouvernance Des Institutions Banner
  • English
  • Afrikaans
  • Albanian
  • Amharic
  • Arabic
  • Armenian
  • Azerbaijani
  • Basque
  • Belarusian
  • Bengali
  • Bosnian
  • Bulgarian
  • Catalan
  • Cebuano
  • Chichewa
  • Chinese (Simplified)
  • Chinese (Traditional)
  • Corsican
  • Croatian
  • Czech
  • Danish
  • Dutch
  • Esperanto
  • Estonian
  • Filipino
  • Finnish
  • French
  • Frisian
  • Galician
  • Georgian
  • German
  • Greek
  • Gujarati
  • Haitian Creole
  • Hausa
  • Hawaiian
  • Hebrew
  • Hindi
  • Hmong
  • Hungarian
  • Icelandic
  • Igbo
  • Indonesian
  • Irish
  • Italian
  • Japanese
  • Javanese
  • Kannada
  • Kazakh
  • Khmer
  • Korean
  • Kurdish (Kurmanji)
  • Kyrgyz
  • Lao
  • Latin
  • Latvian
  • Lithuanian
  • Luxembourgish
  • Macedonian
  • Malagasy
  • Malay
  • Malayalam
  • Maltese
  • Maori
  • Marathi
  • Mongolian
  • Myanmar (Burmese)
  • Nepali
  • Norwegian
  • Pashto
  • Persian
  • Polish
  • Portuguese
  • Punjabi
  • Romanian
  • Russian
  • Samoan
  • Scots Gaelic
  • Serbian
  • Sesotho
  • Shona
  • Sindhi
  • Sinhala
  • Slovak
  • Slovenian
  • Somali
  • Spanish
  • Sundanese
  • Swahili
  • Swedish
  • Tajik
  • Tamil
  • Telugu
  • Thai
  • Turkish
  • Ukrainian
  • Urdu
  • Uzbek
  • Vietnamese
  • Welsh
  • Xhosa
  • Yiddish
  • Yoruba
  • Zulu

The objective of this paper is to assess the effect of institutional governance on the relationship between the reaction of monetary authorities when the economy faces a shock and economic growth in the countries of the Sub-Saharan Africa. To achieve this, econometric estimates were made using the Generalized Moment Method (MMG) in a dynamic panel of 36 countries in the zone over the period from 2000 to 2018. The results obtained show that monetary policy as a policy macroeconomic is not a tool for stabilizing economic activity. This low level of democracy in these countries therefore has the effect of amplifying this pro-cyclical behavior of monetary policy. Governments genuinely infer in the implementation of monetary policies, thereby causing this pro-cyclical bias. The independence of the central bank and membership of a flexible exchange rate regime considerably reduce the pro-cyclicality of monetary policy in the countries of sub-Saharan Africa. The quality of the governance of institutions has optimal potential for promoting economic growth in Sub-Saharan Africa.

66 Cites in Articles

References

  1. Daron Acemoglu,Simon Johnson,James Robinson (2005). Institutions as the Fundamental Cause of Long-Run Growth.
  2. D Acemoglu,S Johnson,J Robinson,Y Thaicharoen (2003). Institutional Causes Macroe economic Symptoms: Volatility, Crises and Growth.
  3. Michel Aglietta (2013). Le risque systémique dans la finance libéralisée.
  4. Christian Ahlin,Jiaren Pang (2007). Are financial development and corruption control substitutes in promoting growth?.
  5. Jean-Pierre Allegret,Sana Azzabi (2012). Intégration financière internationale et croissance économique dans les pays émergents et en développement : le canal du développement financier.
  6. C Anderson,T Campbell (2004). Corporate governance of Japanese banks.
  7. Thomas Andersen,Finn Tarp (2003). Financial liberalization, financial development and economic growth in LDCs.
  8. Apanard Angkinand (2007). Banking regulation and the output cost of banking crises.
  9. Manuel Arellano,Stephen Bond (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations.
  10. M Arellano,O Bover (1995). Another Look at the Instrumental -Variable Estimation of Error Components Models.
  11. D Avom (2004). Réglementation et Évolution de l'Intermédiation Bancaire au Cameroun.
  12. Désiré Avom,Amadou Bobbo (2018). Réglementation de l’industrie bancaire et exclusion financière dans la Communauté économique et monétaire de l’Afrique centrale.
  13. D Avom,S Et Eyeffa (2007). Quinze ans de restructuration bancaire dans la CEMAC : qu'avonsnous appris ?.
  14. Désiré Avom,Rodrigue Nana Kuindja (2017). Les barrières à l'entrée expliquent-elles le comportement des banques dans la CEMAC ?.
  15. Beac (2019). Rapport du Gouverneur de la Banque des États de l'Afrique Centrale, à la Conférence des Chefs d'Etat.
  16. R Blundell,S Bond (1998). Initial Conditions and Moment Restrictions in Dynamic Panel Data Models.
  17. Amadou Bobbo (2016). RÉGIME DE CHANGE ET CYCLICITÉ BUDGÉTAIRE DANS LES PAYS AFRICAINS.
  18. R Caballero,A Krishnamurthy (2002). International and Domestic Collateral Constraints in Model of Emerging Market Crisis.
  19. C Calderón,H Nguyen (2016). The Cyclical Nature of Fiscal Policy in Sub-Saharan Africa.
  20. César Calderón,Klaus Schmidt-Hebbel (2003). Macroeconomic policies and performance in Latin America.
  21. César Calderón,Roberto Duncan,Klaus Schmidt-Hebbel (2003). The role of credibility in the cyclical properties of macroeconomic policies in emerging economies.
  22. César Calderón,Roberto Duncan,Klaus Schmidt-Hebbel (2004). Do Good Institutions Promote Counter-Cyclical Macroeconomic Policies?.
  23. C Calderón,R Duncan,K Schmidt-Hebbel (2016). Do Good Institutions Promote Counter-Cyclical Macroeconomic Policies?.
  24. Gerard Caprio,Luc Laeven,Ross Levine,World Bank (2004). Governance and Bank Valuation.
  25. Gerard Caprio,Luc Laeven,Ross Levine (2007). Governance and bank valuation.
  26. Carmen Reinhart,Kenneth Rogoff (2009). This Time is Different: Eight-Centuries of Financial Folly.
  27. Fabrizio Carmignani (2010). Cyclical fiscal policy in Africa.
  28. Gerard Charreaux (2004). Corporate Governance Theories: From Micro Theories to National Systems Theories.
  29. B Coulibaly (2012). Monetary Policy in Emerging Market Economies: What Lessons from the Global Financial Crisis?.
  30. Dabla-Norris E Minoiu,C Et Zanna,L (2015). Business Cycle Fluctuations, Large Macroeconomic Shocks, and Development Aid.
  31. De Mourgues,M (1988). Monnaie, Système Financier et Théorie Monétaire.
  32. U Demirel (2010). Macroeconomic Stabilization in Developing Economies: Are Optimal Policies Procyclical?.
  33. Oumar Diallo (2009). Tortuous road toward countercyclical fiscal policy: Lessons from democratized sub-Saharan Africa.
  34. Avinash Dixit,Luisa Lambertini (2001). Monetary–fiscal policy interactions and commitment versus discretion in a monetary union.
  35. C Douglass,North (1991). Institutions.
  36. Roberto Duncan (2014). Institutional quality, the cyclicality of monetary policy and macroeconomic volatility.
  37. B Eichengreen,N Et Dincer (2009). Central Bank Transparency: Causes, Consequences and Updates.
  38. A Fatas,A Et Rose (2001). Do Monetary Handcuffs Restrain Leviathan? Fiscal Policy in Extreme Exchange Rate Regimes.
  39. P Foresti (2013). How do Debt Constraints Affect Fiscal and Monetary Policies Interaction in a Strategic Monetary Union?.
  40. Jeffrey Frankel,Carlos Vegh,Guillermo Vuletin (2013). On graduation from fiscal procyclicality.
  41. J Gali,R Perotti (2003). Fiscal policy and monetary integration in Europe.
  42. Hali (2003). Qualité des Institutions et Résultats Économiques.
  43. Robert Hetzel (2009). WORLD RECESSION: WHAT WENT WRONG?.
  44. G-M Hodgson (2002). The Evolution of Institutions: An Agenda for Future Theoretical Research.
  45. Douglas Holtz-Eakin,Whitney Newey,Harvey Rosen (1988). Estimating Vector Autoregressions with Panel Data.
  46. H Huang,S Wei (2006). Monetary Policies for Developing Countries: The Role of Institutional Quality.
  47. Ethan Ilzetzki,Carmen Reinhart,Kenneth Rogoff (2016). Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?.
  48. Graciela Kaminsky,Carmen Reinhart,Carlos Végh (2005). When It Rains, It Pours: Procyclical Capital Flows and Macroeconomic Policies.
  49. Daniel Kaufmann,Aart Kraay,Massimo Mastruzzi (2003). Governance Matters III: Governance Indicators for 1996–2002.
  50. Karlygash Kuralbayeva (2013). Optimal fiscal policy and different degrees of access to international capital markets.
  51. Philip Lane (2003). The cyclical behaviour of fiscal policy: evidence from the OECD.
  52. Philip Lane (2003). Business Cycles and Macroeconomic Policy in Emerging Market Economies.
  53. Raphaël Lardeux (2013). Le rôle des banques centrales après la crise.
  54. Eduardo Levy-Yeyati,Federico Sturzenegger (2005). Classifying exchange rate regimes: Deeds vs. words.
  55. V Lledó,I Et Gadenne,L (2009). Cyclical Patterns of Government Expenditures in Sub-Saharan Africa: Facts and Factors.
  56. Donal Mcgettigan,Kenji Moriyama,Jean Noah Ndela Ntsama,Francois Painchaud,Haonan Qu,Chad Steinberg (2013). Monetary Policy in Emerging Markets: Taming the Cycle.
  57. Mondjeli (2003). Institutions and Pro-cyclicality of Fiscal policy in Subsaharan Africa.
  58. C Reinhart,K Rogoff (2004). The Modern History of Exchange Rate Arrangements: A Reinterpretation.
  59. Dani Rodrik,Arvind Subramanian,Francesco Trebbi (2002). Institutions Rule: The Primacy of Institutions over Geography and Integration in Economic Development.
  60. Samina Sabir,Khushbakht Zahid (2012). Macroeconomic Policies and Business Cycle: The Role of Institutions in Selected SAARC Countries.
  61. Brian Sack,Volker Wieland (2007). Interest-rate smoothing and optimal monetary policy: a review of recent empirical evidence.
  62. J Thorton (2008). Explaining Procyclical Fiscal Policy in African Countries.
  63. Michael Woodford (2001). The Taylor Rule and Optimal Monetary Policy.
  64. Y Yakhin (2008). Financial Integration and Cyclicity Monetary Policy in Small Open Economies.
  65. L Yeyati,F Sturzenegger (2005). Classifying Exchange Rate Regimes: Deeds vs. Words.
  66. (2021). Liste des auteurs.

Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

Ethical Approval

No ethics committee approval was required for this article type.

Data Availability

Not applicable for this article.

Nana Kuindja Rodrigue. 2020. \u201cCyclicyte De La Politique Monetaire Et Croissance Economique En Afrique Sub-Saharienne : Le Role De La Gouvernance Des Institutions\u201d. Global Journal of Management and Business Research - C: Finance GJMBR-C Volume 20 (GJMBR Volume 20 Issue C3): .

Download Citation

Issue Cover
GJMBR Volume 20 Issue C3
Pg. 41- 55
Journal Specifications

Crossref Journal DOI 10.17406/GJMBR

Print ISSN 0975-5853

e-ISSN 2249-4588

Keywords
Classification
GJMBR-C Classification: JEL Code: E44, G28, O17
Version of record

v1.2

Issue date

July 10, 2020

Language

English

Experiance in AR

The methods for personal identification and authentication are no exception.

Read in 3D

The methods for personal identification and authentication are no exception.

Article Matrices
Total Views: 2398
Total Downloads: 1165
2026 Trends
Research Identity (RIN)
Related Research

Published Article

The objective of this paper is to assess the effect of institutional governance on the relationship between the reaction of monetary authorities when the economy faces a shock and economic growth in the countries of the Sub-Saharan Africa. To achieve this, econometric estimates were made using the Generalized Moment Method (MMG) in a dynamic panel of 36 countries in the zone over the period from 2000 to 2018. The results obtained show that monetary policy as a policy macroeconomic is not a tool for stabilizing economic activity. This low level of democracy in these countries therefore has the effect of amplifying this pro-cyclical behavior of monetary policy. Governments genuinely infer in the implementation of monetary policies, thereby causing this pro-cyclical bias. The independence of the central bank and membership of a flexible exchange rate regime considerably reduce the pro-cyclicality of monetary policy in the countries of sub-Saharan Africa. The quality of the governance of institutions has optimal potential for promoting economic growth in Sub-Saharan Africa.

Our website is actively being updated, and changes may occur frequently. Please clear your browser cache if needed. For feedback or error reporting, please email [email protected]
×

This Page is Under Development

We are currently updating this article page for a better experience.

Request Access

Please fill out the form below to request access to this research paper. Your request will be reviewed by the editorial or author team.
X

Quote and Order Details

Contact Person

Invoice Address

Notes or Comments

This is the heading

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

High-quality academic research articles on global topics and journals.

Cyclicyte De La Politique Monetaire Et Croissance Economique En Afrique Sub-Saharienne : Le Role De La Gouvernance Des Institutions

Nana Kuindja Rodrigue
Nana Kuindja Rodrigue Université de Ngaoundéré - Cameroun

Research Journals