BANK EFFICIENCY, OWNERSHIP AND MARKET STRUCTURE WHY ARE INTEREST SPREADS SO HIGH IN UGANDA?
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Woodford (2000) has shown that the problem is more complex than fiscal versus monetary
dominance. Faithful adherence to an anti-inflation monetary rule may not by itself be
sufficient to ensure price stability – because government policy frameworks may engender
fiscal expectations that are inconsistent with stable prices.
The conclusion from this brief summary of these perspectives from economic theory is that
there is no agreed view about the impact of government debt on the long-term interest rates.
Future macroeconomic policy choices in a difficult fiscal context will influence interest rates in
ways that are hard to predict. Markets...
Nội dung trích xuất từ tài liệu:
BANK EFFICIENCY, OWNERSHIP AND MARKET STRUCTURE WHY ARE INTEREST SPREADS SO HIGH IN UGANDA?
Nội dung trích xuất từ tài liệu:
BANK EFFICIENCY, OWNERSHIP AND MARKET STRUCTURE WHY ARE INTEREST SPREADS SO HIGH IN UGANDA?
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