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Journal & Book Articles

Journal Articles and Book Chapters

The Journal Articles and Book Chapters here are published by staff of the Central Bank of Kenya.


Sustaining Tanzania’s Economic Development: A Firm and Household Perspective. A scholarly book edited by Oliver Morrissey (University of Nottingham), Joseph Semboja (Uongozi Institute), and Maureen Were (Central Bank of Kenya) and published by Oxford University Press.

Morrisey, O., Semboja, J. and Were, M. (2024). Firms and households in Tanzania’s development  Book Chapter,  Sustaining Tanzania’s Economic Development: A Firm and Household Perspective (chapter 1).

Misati, R and Ngoka, K. (2024). Drivers of manufacturing export performance and competitiveness in Tanzania Book Chapter, Sustaining Tanzania’s Economic Development: A Firm and Household Perspective (chapter 5).

Were, M., Odongo, M. and Israel, C. (2024). Gender disparities in financial inclusion in Tanzania Book Chapter, Sustaining Tanzania’s Economic Development: A Firm and Household Perspective (chapter 9).


Anne Kamau, Roseline Misati, Kethi Ngoka, Maureen Odongo and Maureen Were (2023). Financial Inclusion and Market Development in EAC – Interoperability bookChapter 3: “Digital Financial Services and Implications of Financial Literacy on Gender and Over-Indebtedness: The Case of Kenya”

Were, M. and Ngoka, K. (2023). Short term effects of COVID-19 Pandemic on Kenya’s International Trade, Journal of African Trade Vol. 10 (2023) Issue 1.

Mudida, R., Gil-Alana, L.A. and Lopez G. (2023). The Impact of the COVID-19 Pandemic on Exports in Africa: An Approach Based on Fractional Integration, Journal of African Trade Vol. 10 (2023) Issue 1.

Wandeda, D.  and Were, M.(2023), Financial Decision-Making Dynamics Among Women and Financial Health in Kenya: Propensity Score Matching. African Journal of Economic Review,  Vol. 11 No. 5 (2023).


Were, M and Odongo, M (2022).  “Competitiveness and diversification of services exports in sub‐Saharan Africa”, The World Economy, 2022: 1-19

Misati, R., Osoro, J., Odongo, M. and Abdul, F. (2022), “Does digital financial innovation enhance financial deepening and growth in Kenya?“, International Journal of Emerging Markets,

Maureen Odongo, Roseline Misati, Anne Kamau and Kethi Ngoka (2022). “Climate Change and Inflation in Eastern and Southern Africa” Sustainability Journal

Roseline Misati (2022). The Economics of Banking and Finance in Africa book – Chapter 21: Recent Developments in Banking Regulation and Supervision in Africa, Specific Contribution: “Regulatory Strategy: Scope, Intensity and Cost” – pp. 723-729


Misati R.N., Kamau A., Tiriongo S. and Were M. (2021), “Credit risk and private sector loan growth under interest rate controls in Kenya”, African Review of Economic and Finance, pp. 1-30.

Kiemo, S. & Mugo, C. (2021). Banking Sector Consolidation and Stability in Kenya. Journal of Applied Finance and Banking, 11(3), 129-159.

Wamalwa P. S. and Were M. S. (2021), Is it Export- or Import-Led Growth? The Case of Kenya, Journal of African Trade,

Lwanga E.  N. and Wamalwa P. S.  (2021) Finance for SMEs and its effect on growth and inequality: evidence from South Africa. Transnational Corporation Journal,

Anthony G. Gathogo (2021). Mobile Banking Impact on Income and Wealth Inequality, IOSR Journal of Economics and Finance (IOSR-JEF), 12(06), pp. 33-44.

Kiemo, S., & Kamau, A. (2021). Banking sector competition and intermediation efficiency in Kenya. African Development Review,1–14.


Kaminchia, Sheila (2020). Effect of Transit Road Quality on Trade Costs in East Africa, African Development Review, Vol. 32, No. 3, pp. 316-326.


Kaminchia, Sheila (2019). The Determinants of Trade Costs in the East African Community, Journal of Economic Integration, Vol. 34, No. 1, pp. 38-85.

Were Maureen (2015). Differential Effects of Trade on Economic Growth and Investment: A Cross-Country Empirical Investigation, Journal of African Trade  Vol. 2, pp. 71- 85.

Misati Roseline Et Al., Financial Integration and Economic Growth in the COMESA and SADC Regions, Journal of African Business, 16:1-2, 109-127.

Misati Roseline & Munene Olive. Second Round Effects and Pass – Through Of Food Prices To Inflation In Kenya, International Journal Of Food And Agricultural Economics, Vol. 3 No. 3, Issue, 2015, Pp. 75-87.

Ndirangu, L.K. & Nyamongo, E.M. (2015).  Financial Innovations and Their Implications for Monetary Policy in Kenya, Journal of African Economies, Vol. 24 (suppl 1): i46-i71.

Were Maureen and Wambua Joseph (2014). What Factors Drive Interest Rate Spread of Commercial Banks?  Empirical Evidence from Kenya, Review of Development Finance, Vol. 4(2), pp.73-82.

Ngare, E, Nyamongo E.M & Misati, R.N (2014).  Stock Market Development and Economic Growth in Africa, Journal of Economics and Business, Vol. 74: 24-39.

Kaminchia, Sheila (2014).  An Investigation Into the Discrepancy in Kenya’s Balance of Payments Statistics, African Statistical Journal, Vol. 17: 123-159.

Misati Roseline, S. Ouma and Ngoka K. (2014).  Financial Architecture and Monetary Policy Transmission in Kenya, in Jonathan A. Batten, Niklas F. Wagner(ed.) Risk Management Post Financial Crisis: A Period of Monetary Easing (Contemporary Studies in Economic and Financial Analysis, Volume 96) Emerald Group Publishing Limited, pp. 341-364.

Kaminchia, Sheila and Samuel Tiriongo (2014), An Assessment of the Sustainability of Kenya’s Current Account Deficit, African Finance Journal, Vol. 16 (2): 1-15.

Were, M. (2014), “Empirical Analysis of Monetary Policy Reaction Function in an Emerging African Market Economy“, International Journal of Economics and Business Research, Vol. 8(3), pp.340-353.

Kaminchia, Sheila (2014). Unemployment in Kenya: Some Economic Factors Affecting Wage Employment, African Review of Economics and Finance, Vol. 6 (1): 18-40.

Were, M., Nyamongo, E. M., Kamau, A.W., Sichei, M. and Wambua, J. (2014) “Assessing the effectiveness of monetary policy in Kenya: Evidence from a macroeconometric model”  Economic Modelling, Vol. 37: 193-201.

Were, M. and Samuel, T. (2013).”Monetary Policy Response to Economic Crises from African Economy Perspective: An Examination of Kenya’s Experience“, International Journal of Economics and Research, Vol.4, No.2 pp 13-29.

Were, M., Kamau, A. W. and Kisinguh, K.N. (2013), “An Empirical Investigation of Exchange Rate Determination in Kenya: Does Current Account Imbalance Play a Role?” Advances in Management and Applied Economics Vol.3(2): 165-178.

Kamau, A.W. and Were, M. 2013. What drives banking sector performance in Kenya? Global Business and Economics Research Journal, Vol 2 (4): 45-59.

Misati, R. N., Nyamongo, E. M and Mwangi, I. W. (2013).  Commodity price shocks and inflation in a net oil-importing economy.  OPEC Energy Review, vol. 37 (2): 125-148.

Nyamongo, E. M. and Kebede, T. (2013).  The effect of governance on performance of commercial banks in Kenya: a panel study.  Corporate Governance, Vol. 13(3): 236-248.

Alfred Ouma Shem, Roseline Misati and Lucas Njoroge (2012).  Factors driving usage of financial services from different financial access strands in Kenya, Savings and Development, Vol. 36(1): 71-89.

Misati, R. N. and Nyamongo, E. M. (2012).  Asset prices and monetary policy in Kenya.  Journal of Economic studies, Vol. 39(4).

Sichei, M.M, Amanja D.M and Tiriongo, S. (2012).  Government Deposits at the Central Bank and Monetary Policy Operations in a Monetary Targeting Framework: A Threshold Autoregressive Model for Kenya. African Finance Journal, Vol. 14(2).

Mwangi I. W. and Shem A. O. (2012.  Social capital and access to credit in Kenya. , American Journal of Social and Management Sciences, Volume 3 Issue 1, March 2012.

Mwangi I. W. and Kihiu E. N. Impact of Financial Literacy on Access to Financial Services in Kenya, International Journal of Business and Social Science, Vol.3(19).

Moses Sichei, Anne Kamau Demand For Money: Implications for The Conduct of Monetary Policy in Kenya, International Journal of Economics and Finance, Vol 4, No 8 (2012).

Maureen Were, Joseph Nzomoi, Nelson Rutto Assessing the Impact of Private Sector Credit on Economic Performance: Evidence from Sectoral Panel Data for Kenya, International Journal of Economics and Finance, Vol 4, No 3 (2012).

Nyamongo, E.M, Misati, R.N, Kipyegon, L & Ndirangu, L. Remittances, Financial Development and Economic Growth in Africa. Journal of Economics and Business (2012), doi:10.1016/j.jeconbus.2012.01.001.

Misati, R.N, Nyamongo, E.M, Njoroge, L.K & Kaminchia, S. Feasibility of inflation targeting in an emerging market: Evidence from Kenya. Journal of Financial Economic policy, Vol. 4, No. 2.

Kamau, Anne. Intermediation efficiency and productivity in the banking sector in Kenya; Interdisciplinary Journal of Research in Business Vol1, Issue 9, 12-26; September 2011.

Were, Maureen. Is There a Link Between Casual Employment and Export-Orientation of Firms? The Case of Kenya’s Manufacturing Sector, Review of Black Political Economy, Volume 38, Issue 3 (September 2011), Pages 227-242.

Misati, R.N, Nyamongo, E.M & Kamau, A.W. Interest rate Pass-through in Kenya. International Journal of development Issues. Vol. 10, No. 2.

Isaac W. Mwangi & Moses M. Sichei. Determinants of Access to Credit by Individuals in Kenya: A Comparative Analysis of the Kenya National FinAccess Surveys of 2006 and 2009. European Journal of Business and Management, Vol. 3, No.3 (2011).

Njoroge Lucas K., Opolot Jacob, Abuka Charles and Apaa-Okello J. (2011) Nature and Extent of Shocks in COMESA: Implications for a Monetary Union, Interdisciplinary Journal of Research in Business, Volume 3, (3) pp. 23-46.

Misati, R.N., & Nyamongo, E.M. Financial liberalization, financial fragility and economic growth in Sub-Saharan Africa, Journal of Financial Stability (2011), doi:10.1016/j.jfs.2011.02.001.

Misati, R.N., & Nyamongo, E.M. Financial development and private investment in Sub-Saharan Africa. Journal of Economics and Business, Volume 63, Issue 2, March-April 2011, Pages 139-151.

Lucas, K. Njoroge & Anne W. Kamau Macroeconomic developments and banks’ behaviour in Kenya: A Panel Data Analysis. Savings and Development, Quarterly Review- No. 2- 2010- XXXIV.

Njoroge Lucas Kamau. The impact of regional integration on economic growth: empirical evidence from COMESA, EAC and SADC trade blocs. American Journal of Social and Management Sciences, vol. 1(2), December, 2010.

Misati, R. N., Njoroge, L., Kamau, A. and Ouma S. Financial Innovation and Monetary Policy Transmission in Kenya, International Research Journal of Finance and Economics, Issue 50(2010), pp. 123-136.

Nyamongo E. M. and Misati, R.N. Modelling the time-varying volatility of equities returns in Kenya, African Journal of Economics and Management Studies, Vol. 1, No. 2, pp. 183-196.

Misati, R.N., The Role of the Informal Sector in Private Investment in Sub-Saharan Africa, International Entrepreneurship and Management Journal, Vol. 6, No. 2, pp. 221-230.

Nyamongo E.M and N.J Schoeman. The quality of governance and education spending in Africa, Southern African Business Review Volume 14 Number 2.

Maureen Were and Steve Kayizzi-Mugerwa. Do Exporting Firms Pay Higher Wages? Evidence from Kenya’s Manufacturing Sector. African Development Review, Vol. 21, No. 3, 2009, 435-453.

Wanjala, Bernadette Mukhwana and Were, Maureen. Gender Disparities and Economic Growth in Kenya: A Social Accounting Matrix Approach, Feminist Economics, 15:3,227 – 251