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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 |
|---|---|
| Autores principales: | , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
©2012.
|
| Colección: | IMF working paper ;
WP/12/265. |
| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 100 | 1 | |a Jain-Chandra, Sonali, |d 1975- |e author. | |
| 245 | 1 | 4 | |a The effectiveness of monetary policy transmission under capital inflows : |b evidence from Asia / |c Sonali Jain-Chandra and D. Filiz Unsal. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2012. | ||
| 300 | |a 1 online resource (19 pages) : |b color illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
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| 490 | 1 | |a IMF working paper ; |v WP/12/265 | |
| 500 | |a Title from PDF title page (IMF Web site, viewed November 5, 2012). | ||
| 500 | |a "Asia and Pacific Department"--Page 2 of pdf | ||
| 500 | |a "November 2012"--Page 2 of pdf | ||
| 520 | |a "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 | ||
| 504 | |a Includes bibliographical references (pages 16-18). | ||
| 505 | 0 | |a Cover; Contents; I. Introduction; II. Methodological Considerations; A. Generalized Dynamic Factor Model; Figures; 1. Secondary Market Yield of 10-Year Government Bond; B. Structural Vector Autoregression; III. Are Local Bond Yields in Asia Driven by External or Domestic Factors? -- Empirical Results; 2. The Estimated Common Factor and U.S. 10-Year Bond Yield and the VIX; 3. Contributions of U.S. 10-Year Yield and VIX to Estimated Common Factor; 4. Variance Decomposition of Domestic 10-Year Yield by Sources During 2005-10. | |
| 505 | 8 | |a 5. Contribution of U.S. Long-Term Interest Rates to Variance of Domestic Yields by Maturity6. Importance of U.S. Interest Rate and Capital Account Openness; IV. Which Interest Rates Matter More for Monetary Transmission Mechanism?; 7. Variance Decomposition of Industrial Production in Response to Shocks to Domestic Interest Rates; V. The Monetary Transmission Mechanism Under Large Capital Flows; 8. Short-Term Corporate Debt; VI. Conclusion; 9. Effect of Capital Flows on Monetary Transmission Mechanism; References. | |
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| 650 | 0 | |a Transmission mechanism (Monetary policy) |z Asia. | |
| 650 | 0 | |a Capital movements |z Asia. | |
| 650 | 6 | |a Mécanismes de transmission (Politique monétaire) |z Asie. | |
| 650 | 6 | |a Mouvements de capitaux |z Asie. | |
| 650 | 7 | |a BUSINESS & ECONOMICS |x Finance. |2 bisacsh | |
| 650 | 7 | |a Capital movements. |2 fast |0 (OCoLC)fst00846374 | |
| 650 | 7 | |a Transmission mechanism (Monetary policy) |2 fast |0 (OCoLC)fst01154862 | |
| 651 | 7 | |a Asia. |2 fast |0 (OCoLC)fst01240495 | |
| 700 | 1 | |a Unsal, D. Filiz, |e author. | |
| 710 | 2 | |a International Monetary Fund. |b Asia and Pacific Department, |e issuing body. | |
| 830 | 0 | |a IMF working paper ; |v WP/12/265. | |
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