How does a central bank react to changes in government borrowing? Evidence from Africa

Research output: Contribution to journalComment/debatepeer-review

Abstract

We analyze central bank monetary policy in an economy where the government has control over the amount it borrows from the central bank (so the latter is not 'independent' in the traditional sense). Data from three different African countries are used to illustrate three different types of policy response to variations in government borrowing, and the consequences of these differences are outlined.

Original languageEnglish
Pages (from-to)531-552
Number of pages22
JournalJournal of Development Economics
Volume59
Issue number2
DOIs
Publication statusPublished - Aug 1999

Keywords

  • central bank policy
  • inflation
  • money creation

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