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Mutations Driven by the Global Financial Crisis on the Hierarchy of Monetary Policy Transmission Mechanism Channels in CEE Countries

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  • Popescu Iulian Vasile

    (“Alexandru Ioan Cuza” University, Ia?i, România)

Abstract

This paper analyzes the importance of monetary policy transmission mechanism channels in the countries of Central and Eastern Europe (CEE) on the road to euro and their changes after the event of the recent financial crisis. We build out study based on the vector autoregression (VAR) model, with emphasis on the types of strategies used by central banks (CBs) in the region. The main results indicated the prevalence of the exchange rate channel in the monetary policy transmission mechanism in selected states, and for the post turmoil period the following results: a reduction in the role of the three channels subject to analysis (interest rate channel, bank lending channel and real estate price channel) for countries in the region with CBs that target the exchange rate and the maintaining of the exchange rate channel importance, increasing significance of the interest rate channel and a limited role of the bank lending channel and the price of real estate in CEE countries with national monetary authorities that use a strategy of inflation targeting (IT).

Suggested Citation

  • Popescu Iulian Vasile, 2014. "Mutations Driven by the Global Financial Crisis on the Hierarchy of Monetary Policy Transmission Mechanism Channels in CEE Countries," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 169-177, May.
    • Handle: RePEc:ovi:oviste:v:xiv:y:2014:i:1:p:169-177
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    More about this item

    Keywords

    monetary policy; transmission mechanism; autoregressive vector; Central and Eastern Europe.;
    All these keywords.

    JEL classification:

    • 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
    • C58 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Financial Econometrics
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

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