The Transmission Mechanism for Monetary Policy in Developing Countries
AbstractIn many developing countries the financial system is characterized by the absence of organized markets for securities and equities, by capital controls, and by legal ceilings on bank borrowing and lending rates--a situation that gives rise to parallel markets for foreign exchange and informal loan markets. This paper analyzes how changes in monetary policy instruments are transmitted to domestic aggregate demand in a financially repressed economy. Such an analysis is necessary to understand how the move to a more market-oriented system would affect the economy in the short run.
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Bibliographic InfoArticle provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.
Volume (Year): 38 (1991)
Issue (Month): 1 (March)
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Other versions of this item:
- Peter Montiel, 1990. "The Transmission Mechanism For Monetary Policy In Developing Countries," IMF Working Papers 90/47, International Monetary Fund.
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