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The effectiveness of monetary policy transmission under capital inflows : evidence from Asia /
"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...
| Clasificación: | Libro Electrónico |
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| Autores principales: | , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
©2012.
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| Colección: | IMF working paper ;
WP/12/265. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | "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"--Abstract |
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| Notas: | Title from PDF title page (IMF Web site, viewed November 5, 2012). "Asia and Pacific Department"--Page 2 of pdf "November 2012"--Page 2 of pdf |
| Descripción Física: | 1 online resource (19 pages) : color illustrations |
| Bibliografía: | Includes bibliographical references (pages 16-18). |
| ISBN: | 9781475521955 1475521952 9781475525823 1475525826 9781475579710 1475579713 |