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Les canaux de transmission de la politique monetaire en Haiti: une approche narrative (1996-2016).

Simon, Carl Nally Regi (2017): Les canaux de transmission de la politique monetaire en Haiti: une approche narrative (1996-2016).

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Abstract

Many studies aim to measure BRH monetary policy’s impact on real economy. But little attention has been paid to the description of the different decisions’ progress via transmission channels. This study attends to close this gap. Using Berg and al (2013)’s narrative approach, initiated by Romer and Romer (1989), we realize 4 case studies. The results show that credit channel could be the most operational channel in Haiti. The exchange rate channel follows it but in a smaller extent. Our analysis suggest that monetary chocks have certain impact on financial sector but this last difficultly convey them to the real economy. Transmission process is weakened year by year with a growing concentration of banking sector, a more uncertain climate and less transparent monetary regime. These help to confirm our hypothesis suggesting that monetary policy has very limited impact on financial and real variables because of the macroeconomic framework in which it operates. Clearing the business climate and promoting financial development are urgent musts.

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