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Monetary Policy Efficiency in the Economies of Central Asia

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Author Info
Asel Isaková () (CERGE-EI, Prague)
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/mag/article/show/id/1147
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Publisher 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;

Find related papers by JEL classification:
F31 - International Economics - - International Finance - - - Foreign Exchange
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Determination of Interest Rates; Term Structure of Interest Rates
O23 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
P2 - Economic Systems - - Socialist Systems and Transition Economies

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This page was last updated on 2009-10-20.

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