Sakyi, Daniel, Osei Mensah, Isaac and Obeng, Samuel Kwabena (2017) Inflation targeting framework and interest rates transmission in Ghana: An empirical investigation. Journal of African Business, 18 (4). pp. 417-434. ISSN 1522-8916
Preview |
PDF (Accepted manuscript)
- Accepted Version
Download (1MB) | Preview |
Abstract
This paper investigates the long-and short-run rate of transmission of the prime rate to interest rates since the implementation of inflation targeting policy in Ghana. Monthly data covering the period January 2002 to March 2016 is used. The Johansen and Hansen parameter instability cointegration, the FMOLS and DOLS estimation procedures were used. The long-run results show incomplete pass-through of the prime rate to commercial banks’ lending and deposit rates but over pass-through to the 91-day Treasury bill rate. The short-run adjustment shows relatively slow transmission of the prime rate to the respective interest rates. Given the findings, relevant policy suggestions are provided.
Item Type: | Article |
---|---|
Uncontrolled Keywords: | inflation targeting,interest rates transmission,monetary policy,cointegration,ghana |
Faculty \ School: | Faculty of Social Sciences > School of Economics |
UEA Research Groups: | Faculty of Social Sciences > Research Groups > Applied Econometrics And Finance |
Related URLs: | |
Depositing User: | Pure Connector |
Date Deposited: | 23 Nov 2017 06:05 |
Last Modified: | 25 Sep 2024 13:07 |
URI: | https://ueaeprints.uea.ac.uk/id/eprint/65549 |
DOI: | 10.1080/15228916.2017.1327299 |
Downloads
Downloads per month over past year
Actions (login required)
View Item |