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Bullion

Keywords

Monetary Policy Effectiveness, Developing Economies, Composite Index, Central Banking, Policy Evaluation

Abstract

This paper presents the Monetary Policy Effectiveness Index (MPEI), a composite measure designed to evaluate monetary policy in developing economies. Unlike traditional single indicators such as inflation or interest rates, which capture only partial outcomes, the MPEI integrates five key dimensions: price stability, output responsiveness, transmission effectiveness, financial depth and inclusion, and institutional credibility. This multidimensional approach reflects the real policy trade-offs and constraints of developing economies. The index enhances accountability, guides sound policy design, and facilitates meaningful cross-country comparisons and progress monitoring.

Author Bio

Emmanuel Ating Onwioduokit is a Professor of Economics at the University of Uyo and Senior Faculty at Regenesys Business School, South Africa. A development economist and monetary policy specialist, he has over 35 years of academic and public-sector experience in West Africa. He previously served as Chief Economist and Deputy Director at the West African Monetary Institute (WAMI) and as Honourable Commissioner for Economic Development in Akwa Ibom State. He has authored over 350 scholarly publications and more than a dozen textbooks, supervised numerous postgraduate theses, and his research focuses on public finance, monetary economics, development policy, regional integration, and inclusive growth in Africa.

Publication Title

Bullion

Issue

4

Volume

49

First Page

5

Last Page

16

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