Monetary Policy Efficiency in the Economies of Central Asia
AbstractThis 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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Bibliographic InfoArticle 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)
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 - - - Interest Rates: Determination, Term Structure, and Effects
- 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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- Mishra, Prachi & Montiel, Peter, 2013.
"How effective is monetary transmission in low-income countries? A survey of the empirical evidence,"
Elsevier, vol. 37(2), pages 187-216.
- Prachi Mishra & Peter Montiel, 2012. "How Effective Is Monetary Transmission in Low-Income Countries? A Survey of the Empirical Evidence," IMF Working Papers 12/143, International Monetary Fund.
- Jamilov, Rustam, 2012. "Channels of Monetary Transmission in the CIS," MPRA Paper 39568, University Library of Munich, Germany.
- Frank Hespeler, 2013. "A VECM evaluation of monetary transmission in Uzbekistan," Economic Change and Restructuring, Springer, vol. 46(2), pages 219-253, May.
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