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Lost in Transmission? The Effectiveness of Monetary Policy Transmission Channels in the GCC Countries
Mr.Serhan Cevik
Ms.Katerina Teksoz
出版
International Monetary Fund
, 2012-07-01
主題
Business & Economics / Foreign Exchange
Business & Economics / Money & Monetary Policy
Business & Economics / Econometrics
ISBN
1475505396
9781475505399
URL
http://books.google.com.hk/books?id=bFUZEAAAQBAJ&hl=&source=gbs_api
EBook
SAMPLE
註釋
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.