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'...
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| Hauptverfasser: | , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2012
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 12/265 |
| Schlagworte: | |
| Online-Zugang: | BSB01 FAN01 FHA01 FKE01 FLA01 FLA01 FNU01 LCO01 SBG01 SBR01 TUM01 UBA01 UBG01 UBM01 UBR01 UBT01 UBW01 UBY01 UEI01 UER01 UPA01 URL des Erstveröffentlichers |
| Zusammenfassung: | 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 |
| Beschreibung: | Title from PDF title page (IMF Web site, viewed Nov. 5, 2012). - "Asia and Pacific Department"--p. 2 of pdf. - "November 2012"--p. 2 of pdf |
| Beschreibung: | 1 Online-Ressource (19 Seiten) |
| ISBN: | 1475525826 9781475525823 9781475521955 1475521952 9781475579710 1475579713 |
| ISSN: | 1018-5941 |
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| author | Jain Chandra, Sonali Unsal, D. Filiz |
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| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
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| geographic | Asien |
| geographic_facet | Asien |
| id | DE-604.BV048358289 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:14:04Z |
| indexdate | 2024-07-10T09:35:52Z |
| institution | BVB |
| institution_GND | (DE-588)1013082-2 |
| isbn | 1475525826 9781475525823 9781475521955 1475521952 9781475579710 1475579713 |
| issn | 1018-5941 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033737525 |
| oclc_num | 815962372 1337122749 |
| open_access_boolean | |
| owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| owner_facet | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| physical | 1 Online-Ressource (19 Seiten) |
| psigel | ZDB-1-IMF ZDB-4-EBU ZDB-30-PAD ZDB-30-PBE ZDB-4-EBU FLA_PDA_EBU |
| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Jain Chandra, Sonali Verfasser (DE-588)1013162196 aut The effectiveness of monetary policy transmission under capital inflows evidence from Asia Sonali Jain-Chandra and D. Filiz Unsal Washington, D.C International Monetary Fund 2012 1 Online-Ressource (19 Seiten) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 12/265 1018-5941 Title from PDF title page (IMF Web site, viewed Nov. 5, 2012). - "Asia and Pacific Department"--p. 2 of pdf. - "November 2012"--p. 2 of pdf 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 Online-Ausg BUSINESS & ECONOMICS / Finance bisacsh Capital movements fast Transmission mechanism (Monetary policy) fast Wirtschaft Transmission mechanism (Monetary policy) Asia Capital movements Asia Asien Unsal, D. Filiz Verfasser (DE-588)1054969833 aut Internationaler Währungsfonds Sonstige (DE-588)1013082-2 oth International Monetary Fund Asia and Pacific Department Sonstige oth http://elibrary.imf.org/view/IMF001/20076-9781475525823/20076-9781475525823/20076-9781475525823.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Jain Chandra, Sonali Unsal, D. Filiz The effectiveness of monetary policy transmission under capital inflows evidence from Asia BUSINESS & ECONOMICS / Finance bisacsh Capital movements fast Transmission mechanism (Monetary policy) fast Wirtschaft Transmission mechanism (Monetary policy) Asia Capital movements Asia |
| title | The effectiveness of monetary policy transmission under capital inflows evidence from Asia |
| title_auth | The effectiveness of monetary policy transmission under capital inflows evidence from Asia |
| title_exact_search | The effectiveness of monetary policy transmission under capital inflows evidence from Asia |
| title_exact_search_txtP | The effectiveness of monetary policy transmission under capital inflows evidence from Asia |
| title_full | The effectiveness of monetary policy transmission under capital inflows evidence from Asia Sonali Jain-Chandra and D. Filiz Unsal |
| title_fullStr | The effectiveness of monetary policy transmission under capital inflows evidence from Asia Sonali Jain-Chandra and D. Filiz Unsal |
| title_full_unstemmed | The effectiveness of monetary policy transmission under capital inflows evidence from Asia Sonali Jain-Chandra and D. Filiz Unsal |
| title_short | The effectiveness of monetary policy transmission under capital inflows |
| title_sort | the effectiveness of monetary policy transmission under capital inflows evidence from asia |
| title_sub | evidence from Asia |
| topic | BUSINESS & ECONOMICS / Finance bisacsh Capital movements fast Transmission mechanism (Monetary policy) fast Wirtschaft Transmission mechanism (Monetary policy) Asia Capital movements Asia |
| topic_facet | BUSINESS & ECONOMICS / Finance Capital movements Transmission mechanism (Monetary policy) Wirtschaft Transmission mechanism (Monetary policy) Asia Capital movements Asia Asien |
| url | http://elibrary.imf.org/view/IMF001/20076-9781475525823/20076-9781475525823/20076-9781475525823.xml |
| work_keys_str_mv | AT jainchandrasonali theeffectivenessofmonetarypolicytransmissionundercapitalinflowsevidencefromasia AT unsaldfiliz theeffectivenessofmonetarypolicytransmissionundercapitalinflowsevidencefromasia AT internationalerwahrungsfonds theeffectivenessofmonetarypolicytransmissionundercapitalinflowsevidencefromasia AT internationalmonetaryfundasiaandpacificdepartment theeffectivenessofmonetarypolicytransmissionundercapitalinflowsevidencefromasia |