Central Bank Policies and Market Power Over the Business Cycle in Africa

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Date

2022

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Journal of Emerging Market Finance

Abstract

This article empirically examines the impact of the business cycle on the relationship between individual central bank policies and market power. We present a representative sample of 52 African economies over the period 2006–2018. We find that monetary, macro-prudential and central bank independence policies increase market power. The study found that, in the long run, market power reacts positively to changes or adjustments made to a central bank policy framework. We show that the individual central bank’s policy framework increases market power. when interacted with business cycle

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Research Article

Keywords

Central bank policies, business cycle, market power

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