The Policy Interest-Rate Pass-Through in Central America:
Several Central American (CADR) central banks with independent monetary policies have adopted policy interest rates as their main instrument to signal their monetary policy stances, often in the context of adopting or transitioning to inflation targeting regimes. This paper finds that the interest-r...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2011
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 11/240 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | Several Central American (CADR) central banks with independent monetary policies have adopted policy interest rates as their main instrument to signal their monetary policy stances, often in the context of adopting or transitioning to inflation targeting regimes. This paper finds that the interest-rate transmission mechanism, or the pass-through of the policy rate to market rates, is generally weaker and slower in CADR than in the LA6, the countries selected as benchmarks. A variety of potential factors behind this finding are examined, including the degrees of financial dollarization, exchange rate flexibility, bank concentration, financial sector development, and fiscal dominance. Through panel data analysis, the study suggests that the transmission mechanism can be strengthened by increasing exchange rate flexibility, and, over time, by adopting measures towards reducing financial dollarization, developing the financial sector, and reducing bank concentration |
| Beschreibung: | 1 Online-Ressource (21 p) |
| ISBN: | 1463923228 9781463923228 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:36Z |
| indexdate | 2024-07-10T09:35:47Z |
| institution | BVB |
| isbn | 1463923228 9781463923228 |
| language | English |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Medina Cas, Stephanie Verfasser aut The Policy Interest-Rate Pass-Through in Central America Medina Cas, Stephanie Washington, D.C International Monetary Fund 2011 1 Online-Ressource (21 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 11/240 Several Central American (CADR) central banks with independent monetary policies have adopted policy interest rates as their main instrument to signal their monetary policy stances, often in the context of adopting or transitioning to inflation targeting regimes. This paper finds that the interest-rate transmission mechanism, or the pass-through of the policy rate to market rates, is generally weaker and slower in CADR than in the LA6, the countries selected as benchmarks. A variety of potential factors behind this finding are examined, including the degrees of financial dollarization, exchange rate flexibility, bank concentration, financial sector development, and fiscal dominance. Through panel data analysis, the study suggests that the transmission mechanism can be strengthened by increasing exchange rate flexibility, and, over time, by adopting measures towards reducing financial dollarization, developing the financial sector, and reducing bank concentration Online-Ausg Carrión-Menéndez, Alejandro Sonstige oth Frantischek, Florencia Sonstige oth http://elibrary.imf.org/view/IMF001/12244-9781463923228/12244-9781463923228/12244-9781463923228.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Medina Cas, Stephanie The Policy Interest-Rate Pass-Through in Central America |
| title | The Policy Interest-Rate Pass-Through in Central America |
| title_auth | The Policy Interest-Rate Pass-Through in Central America |
| title_exact_search | The Policy Interest-Rate Pass-Through in Central America |
| title_exact_search_txtP | The Policy Interest-Rate Pass-Through in Central America |
| title_full | The Policy Interest-Rate Pass-Through in Central America Medina Cas, Stephanie |
| title_fullStr | The Policy Interest-Rate Pass-Through in Central America Medina Cas, Stephanie |
| title_full_unstemmed | The Policy Interest-Rate Pass-Through in Central America Medina Cas, Stephanie |
| title_short | The Policy Interest-Rate Pass-Through in Central America |
| title_sort | the policy interest rate pass through in central america |
| url | http://elibrary.imf.org/view/IMF001/12244-9781463923228/12244-9781463923228/12244-9781463923228.xml |
| work_keys_str_mv | AT medinacasstephanie thepolicyinterestratepassthroughincentralamerica AT carrionmenendezalejandro thepolicyinterestratepassthroughincentralamerica AT frantischekflorencia thepolicyinterestratepassthroughincentralamerica |