  This article conducts a literature review on the topic of monetary policy in
developing countries and focuses on the effectiveness of monetary policy in
promoting economic growth and the relationship between monetary policy and
economic growth. The literature review finds that the activities of central
banks in developing countries are often overlooked by economic models, but
recent studies have shown that there are many factors that can affect the
effectiveness of monetary policy in these countries. These factors include the
profitability of central banks and monetary unions, the independence of central
banks in their operations, and lags, rigidities, and disequilibrium analysis.
The literature review also finds that studies on the topic have produced mixed
results, with some studies finding that monetary policy has a limited or
non-existent impact on economic growth and others finding that it plays a
crucial role. The article aims to provide a comprehensive understanding of the
current state of research in this field and to identify areas for future study.
