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Monetary Policy Transmission in Emerging Asia
Nasha AnanchotikulMissDulani Seneviratne
其他書名
The Role of Banks and the Effects of Financial Globalization
出版International Monetary Fund, 2015-09-28
主題Business & Economics / Banks & BankingBusiness & Economics / Money & Monetary PolicyBusiness & Economics / Industries / Financial Services
ISBN15135060059781513506005
URLhttp://books.google.com.hk/books?id=nFjfCgAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋Given the heavy reliance on bank lending as the main source of financing in most Asian economies, banks could potentially play a pivotal role in monetary policy transmission. However, we find that Asia’s bank lending channel or, more broadly, credit channel of domestic monetary policy is not very strong at the aggregate level. Using bank-level data for nine Asian economies during 2000–2013, we show that heterogeneity of bank characteristics (e.g., ownership type, financial position), degree of foreign bank penetration of the domestic banking sector, and global financial conditions all have a bearing on the response of domestic credit to changes in domestic monetary policy, and may account for the apparently weak credit channel at aggregate level.