1 | Paper Link: | Independence and Central Banking Models: Africa and the Global Overview |
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2 | PPT Slides: | PPT link here |
3 | Abstract | |
4 | Is there a central banking model in Africa? The idea is to offer a Mundellian trilemma extensive review of African Central Banks, from their very old days, so to shed some light on the debate about monetary policy in the post-global financial crisis era. Using the Narrative Approach with basically IFS/International Monetary Fund (IMF) and Central Banks (CBs) archives data coupled with CBs independence analysis, this historical journey exposes the different phases of central banking development in Africa, along with a control for the place of financial stability. Another purpose is to disentangle major differences overtime between francophone and anglophone zones on the continent regarding the monetary policy frameworks, and a control to the convergence question. Important policy implications come out as to the way forward for central banking and monetary-financial integration in Africa. |