Účinnost nástrojů měnové politiky na inflaci v Zambii v letech 1990–2024

This study evaluates the efficiency of Zambia’s monetary policy instruments in controlling inflation between 1990 and 2024, employing descriptive statistics and a Structural Vector Autoregression (SVAR) model. The descriptive analysis reveals that while money supply and inflation were highly volatile, the policy rate and real effective exchange rate remained relatively stable, suggesting a weak transmission of monetary policy to inflation outcomes. The SVAR results confirm a two-way relationship between money supply and inflation, with liquidity shocks spilling over into the broader economy and sustaining price pressures. In the long run, economic growth was influenced more by external shocks, political developments, and exchange rate fluctuations than by monetary interventions. Overall, the findings indicate that Zambia’s monetary policy has been only partially efficient, underscoring the need for stronger transmission channels, enhanced liquidity management, and broader structural reforms.