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| Title: | An independent review of the Reserve Bank of Zimbabwe's monetary policy transparency |
| Author: | Nhavira, John Davison |
| Year: | 2010 |
| Periodical: | Eastern Africa Social Science Research Review (ISSN 1027-1775) |
| Volume: | 26 |
| Issue: | 1 |
| Period: | January |
| Pages: | 57-88 |
| Language: | English |
| Notes: | biblio. refs., ills. |
| Geographic terms: | Zimbabwe Southern Africa |
| Subjects: | central banks monetary policy Economics, Commerce Reserve Bank of Zimbabwe |
| External link: | http://muse.jhu.edu/journals/eastern_africa_social_science_research_review/v026/26.1.nhavira.pdf |
| Abstract: | This paper presents an independent review of the Reserve Bank of Zimbabwe's monetary policy transparency, through comparing the results with other central banks. Monetary policy transparency is essential in anchoring inflationary expectations. The paper employs C.W. Eijffinger and P.M. Geraats' 'independent analysis approach' (2006) to measure monetary transparency of the Reserve Bank of Zimbabwe. The results indicate that this Bank scores 2.5 out of 15 - a score which is lower than any of the central banks' score in the studies of C.W. Eijffinger and P.M. Geraats (2006), Malik and Din (2008) and Aron and Muellbauer (2006). The Reserve Bank of Zimbabwe is the least transparent in political and procedural transparency, while it is partially transparent on economic matters. It is relatively more transparent on policy and operational issues. In comparison with other central banks, the Reserve Bank of Zimbabwe is above par with regard to policy transparency only against Pakistan, but is below par against all other countries regarding political, economic, procedural and operational transparency. App., bibliogr., notes, sum. [Journal abstract] |
