Réformes financières et formation des taux d’intérêt en Afrique Centrale : une approche à travers le modèle DSGE
We focus on current or future financials reforms impacts on the formation of interest rates in Central Africa. These reforms aim to restore the efficient operation of the interest rate channel and to revitalize credit channels and asset prices through the development of the financial system and the...
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| Format: | Article |
| Language: | English |
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Association d'Economie Politique
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| Series: | Revue Interventions Économiques |
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| Online Access: | https://journals.openedition.org/interventionseconomiques/5171 |
| Summary: | We focus on current or future financials reforms impacts on the formation of interest rates in Central Africa. These reforms aim to restore the efficient operation of the interest rate channel and to revitalize credit channels and asset prices through the development of the financial system and the abandonment of the principle of double intervention by the central bank. For this purpose, we have built a CEMAC DSGE model with a financial accelerator phenomenon on the credit demand side and a collateral constraint on the supply side. The simulations carried out on the intensification of the financial inclusion of firms and households, the collateral reform and the quality of information show an improvement of: (i) banking relay of monetary impulses on the interbank market; (ii) the central bank's reaction to different shocks and; (iii) the response of costs and returns of financial assets to these shocks. However, the disconnection of the variables from the real sphere to the monetary impulses ultimately raises the need for a financial education strategy, beyond the problem of the fragmentation of the money market that needs to be addressed. |
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| ISSN: | 0715-3570 1710-7377 |