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Efficacy Of Monetary Transmission Mechanism


Efficacy Of Monetary Transmission Mechanism
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The Effectiveness Of Monetary Policy Transmission Under Capital Inflows


The Effectiveness Of Monetary Policy Transmission Under Capital Inflows
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Author : Ms.Sonali Jain-Chandra
language : en
Publisher: International Monetary Fund
Release Date : 2012-11-02

The Effectiveness Of Monetary Policy Transmission Under Capital Inflows written by Ms.Sonali Jain-Chandra and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-02 with Business & Economics categories.


The effectiveness of the monetary policy transmission mechanism in open economies could be impaired if interest rates are driven primarily by global factors, especially during periods of large capital inflows. The main objective of this paper is to assess whether this is true for emerging Asia’s economies. Using a dynamic factor model and a structural vector auto-regression model, we show that long-term interest rates in Asia are indeed predominantly driven by global factors. However, monetary policy transmission mechanism remains effective in the region, as it operates predominantly through short-term interest rates. Nevertheless, the monetary transmission mechanism, though effective, is somewhat weaker in Asia during the periods of surges in capital inflows.



Lost In Transmission The Effectiveness Of Monetary Policy Transmission Channels In The Gcc Countries


Lost In Transmission The Effectiveness Of Monetary Policy Transmission Channels In The Gcc Countries
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Author : Mr.Serhan Cevik
language : en
Publisher: International Monetary Fund
Release Date : 2012-07-01

Lost In Transmission The Effectiveness Of Monetary Policy Transmission Channels In The Gcc Countries written by Mr.Serhan Cevik and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-01 with Business & Economics categories.


This paper empirically investigates the effectiveness of monetary policy transmission in the Gulf Cooperation Council (GCC) countries using a structural vector autoregressive model. The results indicate that the interest rate and bank lending channels are relatively effective in influencing non-hydrocarbon output and consumer prices, while the exchange rate channel does not appear to play an important role as a monetary transmission mechanism because of the pegged exchange rate regimes. The empirical analysis suggests that policy measures and structural reforms - strengthening financial intermediation and facilitating the development of liquid domestic capital markets - would advance the effectiveness of monetary transmission mechanisms in the GCC countries.



Efficacy Of Monetary Transmission Mechanism


Efficacy Of Monetary Transmission Mechanism
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Author : Ouk Heon Song
language : en
Publisher:
Release Date : 2003

Efficacy Of Monetary Transmission Mechanism written by Ouk Heon Song and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Inflation (Finance) categories.


The main objective of the project is to analyse and assess the efficacy of the monetary transmission mechanism (MTM) in the SEACEN countries, in the light of financial liberalization, globalization and changing monetary and exchange rate regime in some SEACEN countries. It covers MTM and related issues such as recent changes in the objectives and targeting regime of monetary policy, empirical evidence of impact of monetary policy on prices and economic activities, recent changes in the exchange rate regime and capital mobility, and effectiveness of the various MTM based on the latest empirical findings of the respective countries.



Evaluating The Effectiveness Of The Monetary Transmission Mechanism In Malaysia


Evaluating The Effectiveness Of The Monetary Transmission Mechanism In Malaysia
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Author : Shariman M. N. Alwani
language : en
Publisher:
Release Date : 2006

Evaluating The Effectiveness Of The Monetary Transmission Mechanism In Malaysia written by Shariman M. N. Alwani and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Transmission mechanism (Monetary policy) categories.




How Effective Is Monetary Transmission In Low Income Countries A Survey Of The Empirical Evidence


How Effective Is Monetary Transmission In Low Income Countries A Survey Of The Empirical Evidence
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Author : Ms.Prachi Mishra
language : en
Publisher: International Monetary Fund
Release Date : 2012-06-01

How Effective Is Monetary Transmission In Low Income Countries A Survey Of The Empirical Evidence written by Ms.Prachi Mishra and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-06-01 with Business & Economics categories.


This paper surveys the evidence on the effectiveness of monetary transmission in low-income countries. It is hard to come away from this review with much confidence in the strength of monetary transmission in such countries. We distinguish between the "facts on the ground" and "methodological deficiencies" interpretations of the absence of evidence for strong monetary transmission. We suspect that "facts on the ground" are an important part of the story. If this conjecture is correct, the stabilization challenge in developing countries is acute indeed, and identifying the means of enhancing the effectiveness of monetary policy in such countries is an important challenge.



Lost In Transmission The Effectiveness Of Monetary Policy Transmission Channels In The Gcc Countries


Lost In Transmission The Effectiveness Of Monetary Policy Transmission Channels In The Gcc Countries
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Author : Serhan Cevik
language : en
Publisher:
Release Date : 2017

Lost In Transmission The Effectiveness Of Monetary Policy Transmission Channels In The Gcc Countries written by Serhan Cevik and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.


This paper empirically investigates the effectiveness of monetary policy transmission in the Gulf Cooperation Council (GCC) countries using a structural vector autoregressive model. The originality and significance of the paper are in constructing and analyzing "synthetic" aggregate variables for the GCC as a whole. The results indicate that the interest rate and bank lending channels are relatively effective in influencing non-hydrocarbon output and consumer prices, while the exchange rate channel does not appear to play an important role as a monetary transmission mechanism because of the pegged exchange rate regimes. The empirical analysis suggests that policy measures and structural reforms -- strengthening financial intermediation and facilitating the development of liquid domestic capital markets -- would advance the effectiveness of monetary transmission mechanisms in the GCC countries.



A Peek Inside The Black Box


A Peek Inside The Black Box
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Author : Mr.James Morsink
language : en
Publisher: International Monetary Fund
Release Date : 1999-10-01

A Peek Inside The Black Box written by Mr.James Morsink and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-10-01 with Business & Economics categories.


This paper uses vector autoregressions to examine the monetary transmission mechanism in Japan. The empirical results indicate that both monetary policy and banks’ balance sheets are important sources of shocks, that banks play a crucial role in transmitting monetary shocks to economic activity, that corporations and households have not been able to substitute borrowing from other sources for a shortfall in bank borrowing, and that business investment is especially sensitive to monetary shocks. We conclude that policy measures to strengthen banks are probably a prerequisite for restoring the effectiveness of the monetary transmission mechanism.



Electronic Money And The Monetary Transmission Process


Electronic Money And The Monetary Transmission Process
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Author : Frank Hespeler
language : en
Publisher: Cuvillier Verlag
Release Date : 2008

Electronic Money And The Monetary Transmission Process written by Frank Hespeler and has been published by Cuvillier Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.




Monetary Policy Transmission And Financial Stability In A Lic


Monetary Policy Transmission And Financial Stability In A Lic
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Author : Mr.Sohrab Rafiq
language : en
Publisher: International Monetary Fund
Release Date : 2015-11-09

Monetary Policy Transmission And Financial Stability In A Lic written by Mr.Sohrab Rafiq and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-11-09 with Business & Economics categories.


This paper explores how monetary policy affects the real economy and its efficacy in promoting financial stability in a large low income country. This paper shows that monetary policy modestly impacts real economic activity and inflation via the bank lending and financial accelerator channels. Second, money market and treasury rates signal changes in the policy stance, while altering banks’ intermediation cost curves due to shifting risk premia. At the same time, evidence points to monetary policy inducing an overshooting in asset prices. These findings suggest that financial stability could be undermined if the calibration of monetary policy is based solely on output and inflation without accounting for the stage of the financial cycle. Finally, the paper discusses policy measures that would enhance the transmission of monetary policy and promote financial stability in Bangladesh.



Monetary Transmission In Developing Countries


Monetary Transmission In Developing Countries
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Author : Ms.Prachi Mishra
language : en
Publisher: International Monetary Fund
Release Date : 2016-09-07

Monetary Transmission In Developing Countries written by Ms.Prachi Mishra and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-07 with Business & Economics categories.


We examine the strength of monetary transmission in India, using a conventional structural VAR methodology. We find that a tightening of monetary policy is associated with a significant increase in bank lending rates and conventional effects on the exchange rate, though pass-through to lending rates is only partial and exchange rate effects are weak. We could find no significant effects on real output or the inflation rate. Though the message for the effectiveness of monetary transmission in India is therefore mixed, our results for India are more favorable than is often found for other developing countries.