Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/289283 
Authors: 
Year of Publication: 
2022
Citation: 
[Journal:] Cogent Business & Management [ISSN:] 2331-1975 [Volume:] 9 [Issue:] 1 [Article No.:] 2132610 [Year:] 2022 [Pages:] 1-16
Publisher: 
Taylor & Francis, Abingdon
Abstract: 
The Bank of Zambia has one of the highest central bank turnover averages in Africa and the inflationary effects of the low central bank autonomy are yet to be empirically quantified. This study develops an index of central bank turnover for the Zambian economy extending from 1984 to 2020 and applies continuous wavelet coherence techniques to examine its co-movement with inflation in a time-frequency domain. We find negative co-movements between the variables across the entire time window with higher (lower) frequency correlations being dominant in the pre-2000 (post-2000) period. Moreover, the phase difference dynamics indicate that central bank turnover has led inflation in all periods except during the 1990-1995 and 2016-2020 periods where reverse causality is observed. Altogether, our study paints a detailed narrative on the relationship between the variables for the Zambian economy and offers policy advice aimed at strengthening the independence and credibility of the country's central bank.
Subjects: 
inflation
Central bank governor turnover
complex Morlet wavelets
wavelet coherence
wavelet power spectrum
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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