HARERIMANA JEAN DE DIEU - Academia.edu (original) (raw)
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The aim of this paper is, thus, to evaluate the degree of independence and transparency of the Ce... more The aim of this paper is, thus, to evaluate the degree of independence and transparency of the Central Bank of Rwanda. The econometric time series using ARDL model estimated the counterfactual effect of the side effect of the policy from the period of 1980 to 2015. Macroeconomic variables were used to predict each outcome from past inflation, openness, GDP per capita, and various measures of the strength of institutions as explanatory variables. The results showed that inflation and interest rate remained inconclusive to have a long run relationship while the participatory labor rate has a long run relationship with trade openness. In conclusion, the empirical analysis fails to explain the fluctuation in the interest rate or keeping the inflation under control may not mean the low level of independence or transparency from Central Bank of Rwanda.
The aim of this paper is, thus, to evaluate the degree of independence and transparency of the Ce... more The aim of this paper is, thus, to evaluate the degree of independence and transparency of the Central Bank of Rwanda. The econometric time series using ARDL model estimated the counterfactual effect of the side effect of the policy from the period of 1980 to 2015. Macroeconomic variables were used to predict each outcome from past inflation, openness, GDP per capita, and various measures of the strength of institutions as explanatory variables. The results showed that inflation and interest rate remained inconclusive to have a long run relationship while the participatory labor rate has a long run relationship with trade openness. In conclusion, the empirical analysis fails to explain the fluctuation in the interest rate or keeping the inflation under control may not mean the low level of independence or transparency from Central Bank of Rwanda.