This book analyzes evolution of monetary policy in Rwanda since it
was first implemented by the National Bank of Rwanda in 1964 when
the bank was established. It contributes to the understanding of
monetary policy which is formulation and implementation in
different stages of development of a financial system that
comprises the financial market (money market and capital market),
financial intermediaries such as commercial banks, and the
financial sector infrastructures such as payment systems and the
credit reference bureau. The book breaks down applied empirical
research on the assessment of key assumptions of a monetary
targeting framework, namely the stability of money multiplier and
money demand using econometrics of time series, through a number of
case studies. Presenting a detailed empirical analysis of the
monetary transmission mechanism, one of the most analyzed topics in
central banks in advanced economies, this book is a valuable read
for central bankers and other researchers of monetary policy,
particularly in developing economies.
General
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