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150128 ||| eng |
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|a 9781463925314
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100 |
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|a Kovanen, Arto
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245 |
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|a Monetary Policy Transmission in Ghana
|b Does the Interest Rate Channel Work?
|c Arto Kovanen
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260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2011
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300 |
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|a 32 pages
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651 |
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4 |
|a Ghana
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653 |
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|a Interbank rates
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|a Depository Institutions
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653 |
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|a Interest rates
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653 |
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|a Government and the Monetary System
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653 |
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|a Payment Systems
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653 |
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|a Banks
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653 |
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|a Finance
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653 |
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|a Banks and banking
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653 |
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|a Regimes
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653 |
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|a Financial institutions
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653 |
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|a Financial services
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653 |
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|a Micro Finance Institutions
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653 |
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|a General Financial Markets: General (includes Measurement and Data)
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653 |
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|a Mortgages
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653 |
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|a Treasury bills and bonds
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653 |
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|a Deposit rates
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653 |
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|a Market interest rates
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653 |
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|a Standards
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653 |
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|a Banks and Banking
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653 |
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|a Investments: General
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653 |
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|a Monetary Systems
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653 |
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|a Banking
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653 |
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|a Interest Rates: Determination, Term Structure, and Effects
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653 |
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|a Investment & securities
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653 |
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|a Government securities
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653 |
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|a Central bank policy rate
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|a eng
|2 ISO 639-2
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|b IMF
|a International Monetary Fund
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490 |
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|a IMF Working Papers
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028 |
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|a 10.5089/9781463925314.001
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856 |
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|u https://elibrary.imf.org/view/journals/001/2011/275/001.2011.issue-275-en.xml?cid=25379-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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|a This paper analyzes interest rate pass-through in Ghana. Time series and bank-specific data are utilized to highlight linkages between policy, wholesale market, and retail market interest rates. Our analysis shows that responses to changes in the policy interest rate are gradual in the wholesale market. Prolonged deviation in the interbank interest rate from the prime rate illustrate the challenges the Bank of Ghana faces when targeting a short-term money market interest rate. Asymmetries in the wholesale market adjustment possibly relate to monetary policy signaling, weak policy credibility, and liquidity management. In the retail market, pass-through to deposit and lending interest rates is protracted and incomplete.1
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