Monetary Policy Transmission in Ghana : Does the Interest Rate Channel Work? /

This paper analyzes interest rate pass-through in Ghana. Time series and bank-specific data are utilized to highlight linkages between policy, wholesale market, and retail market interest rates. Our analysis shows that responses to changes in the policy interest rate are gradual in the wholesale mar...

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Detalhes bibliográficos
Autor principal: Kovanen, Arto
Formato: Periódico
Idioma:English
Publicado em: Washington, D.C. : International Monetary Fund, 2011.
Colecção:IMF Working Papers; Working Paper ; No. 2011/275
Acesso em linha:Full text available on IMF
Descrição
Resumo:This paper analyzes interest rate pass-through in Ghana. Time series and bank-specific data are utilized to highlight linkages between policy, wholesale market, and retail market interest rates. Our analysis shows that responses to changes in the policy interest rate are gradual in the wholesale market. Prolonged deviation in the interbank interest rate from the prime rate illustrate the challenges the Bank of Ghana faces when targeting a short-term money market interest rate. Asymmetries in the wholesale market adjustment possibly relate to monetary policy signaling, weak policy credibility, and liquidity management. In the retail market, pass-through to deposit and lending interest rates is protracted and incomplete.1.
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Descrição Física:1 online resource (32 pages)
Formato:Mode of access: Internet
ISSN:1018-5941
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