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This paper examines the pattern of excess liquidity in sub-Saharan Africa and its consequences for the effectiveness of monetary policy. The paper argues that understanding the consequences of excess liquidity requires quantifying the extent to which commercial bank holdings of excess liquidity exceed levels required for precautionary purposes. It proposes a methodology for measuring this quantity and uses it to estimate a nonlinear structural VAR model for the CEMAC region, Nigeria and Uganda. The study suggests that excess liquidity weakens the monetary policy transmission mechanism and thus the ability of monetary authorities to influence demand conditions in the economy.

Electronic books. -- local. --- Liquidity (Economics) -- Econometric models. --- Monetary policy -- Africa, Sub-Saharan -- Econometric models. --- Finance --- Business & Economics --- Money --- Monetary policy --- Liquidity (Economics) --- Econometric models. --- Assets, Frozen --- Frozen assets --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Banks and Banking --- Finance: General --- Money and Monetary Policy --- Portfolio Choice --- Investment Decisions --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy --- Banking --- Monetary economics --- Excess liquidity --- Commercial banks --- Reserve requirements --- Monetary transmission mechanism --- Liquidity --- Economics --- Banks and banking --- Nigeria

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Capital movements --- International finance --- Monetary policy --- Investments, Foreign --- Capital --- Africa --- AFR / Africa - Afrika - Afrique --- 338.340 --- 382.242.0 --- 382.242.1 --- 339.113 --- -International finance --- -Investments, Foreign --- -332.042 --- Capital exports --- Capital imports --- FDI (Foreign direct investment) --- Foreign direct investment --- Foreign investment --- Foreign investments --- International investment --- Offshore investments --- Outward investments --- Investments --- Monetary management --- Economic policy --- Currency boards --- Money supply --- International monetary system --- International money --- Finance --- International economic relations --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Foreign exchange --- Algemene ontwikkeling in de Derde Wereld. --- Balans van het kapitaalverkeer: algemeenheden. --- Bewegingen van langlopend kapitaal. --- Buitenlandse investeringen. --- Algemene ontwikkeling in de Derde Wereld --- Balans van het kapitaalverkeer: algemeenheden --- Bewegingen van langlopend kapitaal --- Buitenlandse investeringen --- Capital movements - Africa, Sub-Saharan. --- Monetary policy - Africa, Sub-Saharan. --- Investments, Foreign - Africa, Sub-Saharan. --- -Capital movements --- -Investments, Foreign -

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Financial sectors in low-income sub-Saharan Africa (SSA) are among the world's least developed. In fact, assets in most low-income African countries are smaller than those held by a single medium-sized bank in an industrial country. The absence of deep, efficient financial markets seriously challenges policy making, hinders poverty alleviation, and constrains growth. This book argues that building efficient and sound financial sectors in SSA countries will improve Africa's economic prospects. Based on a review of the key features of financial systems, it discusses the main obstacles and challenges that financial structures pose for SSA economies and recommends steps that could address major shortcomings in implementing the reform agenda.

Finance -- Africa, Sub-Saharan. --- Financial institutions -- Africa, Sub-Saharan. --- Financial services industry -- Africa, Sub-Saharan. --- Monetary policy -- Africa, Sub-Saharan. --- Finance --- Financial institutions --- Financial services industry --- Monetary policy --- Business & Economics --- Financial Management & Planning --- -Financial institutions --- -Financial services industry --- -Monetary policy --- -AFR / Africa - Afrika - Afrique --- 333.101 --- 332.096 --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Services, Financial --- Service industries --- Financial intermediaries --- Lending institutions --- Associations, institutions, etc. --- Funding --- Funds --- Economics --- Currency question --- Banksysteem en bankstelsel. --- AFR / Africa - Afrika - Afrique --- Banksysteem en bankstelsel --- Economic forecasting --- Economic forecasting. --- Economic history. --- Economic conditions --- History, Economic --- Forecasting --- Economic indicators --- Africa, Sub-Saharan --- Africa, Black --- Africa, Subsaharan --- Africa, Tropical --- Africa South of the Sahara --- Black Africa --- Sub-Sahara Africa --- Sub-Saharan Africa --- Subsahara Africa --- Subsaharan Africa --- Tropical Africa --- Economic conditions. --- Investments: Energy --- Foreign Exchange --- Inflation --- Macroeconomics --- Taxation --- Energy: Demand and Supply --- Prices --- Energy: General --- Business Taxes and Subsidies --- Price Level --- Deflation --- Currency --- Foreign exchange --- Investment & securities --- Public finance & taxation --- International economics --- Exchange rate arrangements --- Oil prices --- Oil --- Conventional peg --- Oil, gas and mining taxes --- Commodities --- Taxes --- Petroleum industry and trade --- International finance --- South Africa --- Banks and Banking --- Public Finance --- Industries: Financial Services --- Finance: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- National Government Expenditures and Related Policies: General --- Financial Institutions and Services: General --- Financial Institutions and Services: Government Policy and Regulation --- Banking --- Floating exchange rates --- Expenditure --- Financial services --- Financial sector --- Economic sectors --- Fiscal federalism --- Fiscal policy --- Banks and banking --- Expenditures, Public --- Money and Monetary Policy --- Financial Risk Management --- General Financial Markets: General (includes Measurement and Data) --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Financial Crises --- Monetary economics --- Financial services law & regulation --- Economic & financial crises & disasters --- Commercial banks --- Stock markets --- Credit --- Money --- Financial markets --- Financial crises --- Stock exchanges --- Development banks --- Loans --- Microfinance