Mecanismos de transmissão política monetária em Moçambique: uma análise do canal do crédito no período de 2008 a 2019

Translated title of the contribution: Mechanisms for transmission of monetary policy in Mozambique: an analysis of the credit channel in the period 2008 to 2019

Agostinho Valente Macane, Carlos Seixas

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Abstract

This article addresses the transmission of the monetary policy to the real economy in Mozambique, particularly through the bank lending channel from 2008 to 2019. The stationarity of the variables is tested using the Augmented Dickey Fuller and Phillip-Perron tests, and it are applied Granger causality tests, impulse and response function, variance decomposition, and the Vector Autoregressive model. The results show that the reference rate of the Bank of Mozambique positively impacts inflation and the product, however, for inflation, although positively impacted, it is not significant and for the product it is only significant in the second moment. The results show that the bank loan channel in Mozambique did not exist or function in the period under review. On the other hand, they suggest the existence of some limitations in the effectiveness of the transmission of monetary policy over the real economy, given that evidence of non-significance of the reference of monetary policy in inflation and output in some periods.
Translated title of the contributionMechanisms for transmission of monetary policy in Mozambique: an analysis of the credit channel in the period 2008 to 2019
Original languagePortuguese
Article numbere2
Number of pages36
JournalEconomia e Desenvolvimento
Volume33
DOIs
Publication statusPublished - 7 Jun 2021

Keywords

  • Monetary policy
  • Monetary transmission mechanism
  • Autoregressive vector

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