IMF: bond issuance creates more effective monetary policy channel
An IMF paper published in August explores the effectiveness of issuing government bonds and the monetary policy transmission mechanism in Benin and finds excess bank liquidity lowers the effectiveness of monetary policy instruments but that issuing government bonds can help mop up these excesses.
Issouf Samake, the author, uses a general equilibrium model with stochastic simulation to explore the effectiveness of government bonds and monetary policy in Benin from 1996 to 2009. The policy
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