A Macro Model of the Credit Channel in a Currency Union Member: The Case of Benin

Issouf Samaké
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引用次数: 4

Abstract

This paper applies and extends a theoretical model built by Agenor and Montiel (2007) by exploring the effectiveness of government bonds and monetary policy in a small, open, credit-based economy with a fixed exchange rate. The model is applied to Benin, a member of a currency union, using a general equilibrium model with stochastic simulation. Model calibration replicates the historical pattern for 1996–2009. Policy experiments simulated an increase in government securities in Benin’s regional market and a cut in the reserve requirement. Simulations produced mixed results. It appears that, among other factors, excess bank liquidity lowers the effectiveness of monetary policy instruments through the credit channel and that government bonds can help mop up excess bank liquidity.
货币联盟成员国信贷渠道的宏观模型——以贝宁为例
本文应用并扩展了Agenor和Montiel(2007)建立的理论模型,探讨了固定汇率下小型、开放、信用基础经济中政府债券和货币政策的有效性。将该模型应用于货币联盟成员国贝宁,采用随机模拟的一般均衡模型。模式校正复制了1996-2009年的历史模式。政策实验模拟了贝宁区域市场政府证券的增加和存款准备金率的降低。模拟结果喜忧参半。除其他因素外,银行流动性过剩似乎降低了通过信贷渠道的货币政策工具的有效性,而政府债券可以帮助吸收银行流动性过剩。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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