TAILIEUCHUNG - WORKING PAPER SERIES NO 1471 / SEPTEMBER 2012: FEEDBACK TO THE ECB’S MONETARY ANALYSIS THE BANK OF RUSSIA’S EXPERIENCE WITH SOME KEY TOOLS

In most of Africa, area expansion has been based on smallholder agriculture in the context of population growth. 2 While countries on the continent range from very land scarce (such as Malawi and Rwanda) to relatively land abundant (such as the Democratic Republic of Congo, Tanzania, and Zambia), large-scale investment has been limited. A key reason for this was that policy distortions against agriculture, especially exports and low public investment in rural areas, have reduced investment incentives, thus limiting the development of Africa’s agricultural potential. Elimination of many of these policy interventions over the past two decades has allowed agricultural growth to accelerate and paved the way for renewed investor. | EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 1471 I SEPTEMBER 2012 FEEDBACK TO THE ECB S MONETARY ANALYSIS THE BANK OF RUSSIA S EXPERIENCE WITH SOME KEY TOOLS Alexey Ponomarenko Elena Vasilieva and Franziska Schobert In 2012all ECB publications feature a motif takenfrom the 50 banknote. NOTE This Working Paper should not be reported as representing the views of the European Central Bank ECB . The views expressed are those of the authors and do not necessarily reflect those of the ECB. Acknowledgements Many thanks to Julian von Landesberger Bjorn Fischer and an anonymous referee for valuable comments. The views expressed are those of the authors and do not necessarily represent the views of the Bank of Russia or the Deutsche Bundesbank. This paper was presented at the ECB-Bank of Russia Workshop on Monetary Analysis in Frankfurt am Main on 28 June 2011. Alexey Ponomarenko at Bank of Russia 12 Neglinnaya Street Moscow 107016 Russia e-mail paa11@ Elena Vasilieva at Bank of Russia 12 Neglinnaya Street Moscow 107016 Russia e-mail vea2@ Franziska Schobert corresponding author at Deutsche Bundesbank Wilhelm-Epstein-Str. 14 60431 Frankfurt am Main Germany e-mail European Central Bank 2012 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Internet http Fax 49 69 1344 6000 All rights reserved. ISSN 1725-2806 online Any reproduction publication and reprint in the form of a different publication whether printed or produced electronically in whole or in part is permitted only with the explicit written authorisation of the ECB or the authors. This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 2145295. Information on all of the papers published in the ECB Working Paper Series can be found on the ECB s

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