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A Tale of Two Systems: Central Banking in Kenya and Tanzania, 1960-2016

Axelsson, Tobias LU ; Klocke, Sascha LU and Rohne Till, Emelie LU (2026) In African Studies Review
Abstract (Swedish)
Sub-Saharan Africa’s development challenge lies less in achieving than in sustaining growth. While many
countries experience rapid expansion, frequent episodes of economic shrinking undermine long-term
development. Drawing on the social capabilities framework and the role of monetary governance in
development, we examine how central bank autonomy and accountability relate to shrinking dynamics.
Through a comparative-historical analysis of Kenya and Tanzania (1960–2016), we show that shifts in
central bank autonomy align with each country’s pattern of shrinking and inflation. Our analysis of these
patterns suggests that central bank governance both reflects broader institutional conditions and plays a
role in... (More)
Sub-Saharan Africa’s development challenge lies less in achieving than in sustaining growth. While many
countries experience rapid expansion, frequent episodes of economic shrinking undermine long-term
development. Drawing on the social capabilities framework and the role of monetary governance in
development, we examine how central bank autonomy and accountability relate to shrinking dynamics.
Through a comparative-historical analysis of Kenya and Tanzania (1960–2016), we show that shifts in
central bank autonomy align with each country’s pattern of shrinking and inflation. Our analysis of these
patterns suggests that central bank governance both reflects broader institutional conditions and plays a
role in sustained development. (Less)
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author
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organization
publishing date
type
Contribution to journal
publication status
in press
subject
in
African Studies Review
publisher
Cambridge University Press
ISSN
0002-0206
language
Swedish
LU publication?
yes
id
79e95af6-4ff8-4097-b4a9-3f60f0f3c2d3
date added to LUP
2026-08-31 09:57:40
date last changed
2026-08-31 11:36:07
@article{79e95af6-4ff8-4097-b4a9-3f60f0f3c2d3,
  abstract     = {{Sub-Saharan Africa’s development challenge lies less in achieving than in sustaining growth. While many<br/>countries experience rapid expansion, frequent episodes of economic shrinking undermine long-term<br/>development. Drawing on the social capabilities framework and the role of monetary governance in<br/>development, we examine how central bank autonomy and accountability relate to shrinking dynamics.<br/>Through a comparative-historical analysis of Kenya and Tanzania (1960–2016), we show that shifts in<br/>central bank autonomy align with each country’s pattern of shrinking and inflation. Our analysis of these<br/>patterns suggests that central bank governance both reflects broader institutional conditions and plays a<br/>role in sustained development.}},
  author       = {{Axelsson, Tobias and Klocke, Sascha and Rohne Till, Emelie}},
  issn         = {{0002-0206}},
  language     = {{swe}},
  month        = {{06}},
  publisher    = {{Cambridge University Press}},
  series       = {{African Studies Review}},
  title        = {{A Tale of Two Systems: Central Banking in Kenya and Tanzania, 1960-2016}},
  year         = {{2026}},
}