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- Title
MONETARY POLICY IN RWANDA: A COINTEGRATION ANALYSIS.
- Authors
Sayinzoga, Aüssi; Simson, Richard
- Abstract
Countries in Africa are increasingly becoming similar in outlook, especially as regards monetary policy. With a view to conducting a long-term study of monetary policy in Africa, we apply an empirical test for the coherence of inflation targeting, first conducted by Nell (2003 ) for South Africa, to data from Rwanda. We find that like South Africa, Rwanda has a stable money demand function and the adoption of an inflation target is a wise policy option. Also, the Rwandan money market needs just over five quarters to eliminate half of any monetary disequilibrium. These results are of some interest to economists and policy makers for all the countries in the increasingly interconnected continent of Africa.
- Subjects
RWANDA; AFRICA; PRICE inflation; MONETARY policy; MONEY market; ECONOMISTS
- Publication
South African Journal of Economics, 2006, Vol 74, Issue 1, p65
- ISSN
0038-2280
- Publication type
Article
- DOI
10.1111/j.1813-6982.2006.00049.x