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One possible explanation may be that these economies are in a liquidity trap.2I1n a standard liquidity trap where the rate of return on lending is too low to cover intermediation costs (and where bonds and reserves are perfect substitutes), banks have a higher yield on reserves than they do on loans.
However, in most SSA economies nominal interest rates are quite high which is inconsistent with the presence of a liquidity trap.
In this setting, involuntary excess reserves should only arise if bond yields went to zero so that the economy was in a liquidity trap.
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