Publicação
Monetary policy shocks and their impact on economic growth in Angola: a local projections approach
| Resumo: | This study examines the impact of monetary policy shocks on macroeconomic variables in Angola using local projections. Analyzing quarterly data from 2012 to 2023, we investigate the responses of GDP, inflation, dollarization, and credit to the private sector to policy interventions. Our findings reveal complex dynamics, GDP growth contracts before showing a delayed positive response, inflation experiences a mixed reaction, while dollarization displays non-linear behavior. The credit channel demonstrates a strong transmission mechanism. These results highlight the challenges of implementing effective monetary policy in Angola's oil dependent economy, underscoring the need for complementary structural reforms that enhance economic resilience and growth. |
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| Autores principais: | Fernandes, Jamal Anderson Tavares |
| Assunto: | Monetary policy Macroeconomic shocks Policy interventions Local projections Economic growth Financial development |
| Ano: | 2025 |
| País: | Portugal |
| Tipo de documento: | dissertação de mestrado |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Universidade Nova de Lisboa |
| Idioma: | inglês |
| Origem: | Repositório Institucional da UNL |
| Resumo: | This study examines the impact of monetary policy shocks on macroeconomic variables in Angola using local projections. Analyzing quarterly data from 2012 to 2023, we investigate the responses of GDP, inflation, dollarization, and credit to the private sector to policy interventions. Our findings reveal complex dynamics, GDP growth contracts before showing a delayed positive response, inflation experiences a mixed reaction, while dollarization displays non-linear behavior. The credit channel demonstrates a strong transmission mechanism. These results highlight the challenges of implementing effective monetary policy in Angola's oil dependent economy, underscoring the need for complementary structural reforms that enhance economic resilience and growth. |
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