中央银行政策与非洲商业周期中的市场力量

IF 1.2 Q3 BUSINESS, FINANCE

Journal of Emerging Market Finance Pub Date : 2022-04-04 DOI:10.1177/09726527221086492

Daniel Ofori‐Sasu, E. Agbloyor, Saint Kuttu, J. Abor

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引用次数: 1

摘要

本文实证考察了经济周期对各国央行政策与市场力量之间关系的影响。我们提供了2006-2018年期间52个非洲经济体的代表性样本。我们发现货币政策、宏观审慎政策和央行独立政策增加了市场力量。研究发现，从长远来看，市场力量会对央行政策框架的变化或调整做出积极反应。我们表明，当与经济周期相互作用时，单个央行的政策框架会增加市场力量。JEL代码:E3、E5、E61、G21、L10、L51、M21

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Central Bank Policies and Market Power Over the Business Cycle in Africa

This article empirically examines the impact of the business cycle on the relationship between individual central bank policies and market power. We present a representative sample of 52 African economies over the period 2006–2018. We find that monetary, macro-prudential and central bank independence policies increase market power. The study found that, in the long run, market power reacts positively to changes or adjustments made to a central bank policy framework. We show that the individual central bank’s policy framework increase market power, when interacted with business cycle. JEL Codes: E3, E5, E61, G21, L10, L51, M21

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来源期刊

Journal of Emerging Market Finance BUSINESS, FINANCE-

CiteScore

1.80

自引率

33.30%

发文量

期刊介绍： The Journal of Emerging Market Finance is a forum for debate and discussion on the theory and practice of finance in emerging markets. While the emphasis is on articles that are of practical significance, the journal also covers theoretical and conceptual aspects relating to emerging financial markets. Peer-reviewed, the journal is equally useful to practitioners and to banking and investment companies as to scholars.