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Monetary Policy Efficiency in the Economies of Central Asia

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  • Asel Isaková

    ()
    (CERGE-EI, Prague)

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    Abstract

    This study examines monetary policy efficiency in Central Asia by investigating the monetary transmission mechanism in the region’s economies. To examine monetary policy efficiency, it is necessary to take into account factors that might impede the transmission, such as high levels of dollarization, weak financial sectors, underdeveloped capital markets, and low monetization of economies. Empirical findings confirm the importance of exchange rate pass-through in transition economies with high dollarization. The findings also provide an empirical case for deepening the local financial sectors to improve the efficiency of monetary policy and to improve resilience to external and other shocks.

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    File URL: http://journal.fsv.cuni.cz/storage/1147_str_525_553_-_isakova.pdf
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    Bibliographic Info

    Article provided by Charles University Prague, Faculty of Social Sciences in its journal Finance a uver - Czech Journal of Economics and Finance.

    Volume (Year): 58 (2008)
    Issue (Month): 11-12 (December)
    Pages: 525-553

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    Handle: RePEc:fau:fauart:v:58:y:2008:i:11-12:p:525-553

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    Related research

    Keywords: monetary policy; dollarization; transmission mechanisms; interest rate channel; exchange rate pass-through; bank lending channel;

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    Cited by:
    1. Frank Hespeler, 2013. "A VECM evaluation of monetary transmission in Uzbekistan," Economic Change and Restructuring, Springer, vol. 46(2), pages 219-253, May.
    2. Mishra, Prachi & Montiel, Peter, 2013. "How effective is monetary transmission in low-income countries? A survey of the empirical evidence," Economic Systems, Elsevier, vol. 37(2), pages 187-216.
    3. Jamilov, Rustam, 2012. "Channels of Monetary Transmission in the CIS," MPRA Paper 39568, University Library of Munich, Germany.

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