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Lost In Transmission? The Effectiveness Of Monetary Policy Transmission Channels In The Gcc Countries

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  • SERHAN CEVIK

    ()
    (International Monetary Fund, 700 19th Street, NW, Washington, DC 20431, USA)

  • KATERINA TEKSOZ

    ()
    (Columbia University, 405 Low Library, MC 4335, New York, NY 10027, USA)

Abstract

This paper empirically investigates the effectiveness of monetary policy transmission in the Gulf Cooperation Council (GCC) countries using a structural vector autoregressive model. The originality and significance of the paper are in constructing and analyzing "synthetic" aggregate variables for the GCC as a whole. The results indicate that the interest rate and bank lending channels are relatively effective in influencing non-hydrocarbon output and consumer prices, while the exchange rate channel does not appear to play an important role as a monetary transmission mechanism because of the pegged exchange rate regimes. The empirical analysis suggests that policy measures and structural reforms — strengthening financial intermediation and facilitating the development of liquid domestic capital markets — would advance the effectiveness of monetary transmission mechanisms in the GCC countries.

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Bibliographic Info

Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Middle East Development Journal.

Volume (Year): 05 (2013)
Issue (Month): 03 ()
Pages: 1350018-1-1350018-21

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Handle: RePEc:wsi:medjxx:v:05:y:2013:i:03:p:1350018-1-1350018-21

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Keywords: Monetary policy transmission; inflation; credit channel; structural VAR;

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  1. Ben S. Bernanke & Ilian Mihov, 1998. "Measuring Monetary Policy," The Quarterly Journal of Economics, MIT Press, vol. 113(3), pages 869-902, August.
  2. Olivero, María Pía & Li, Yuan & Jeon, Bang Nam, 2011. "Competition in banking and the lending channel: Evidence from bank-level data in Asia and Latin America," Journal of Banking & Finance, Elsevier, vol. 35(3), pages 560-571, March.
  3. Jean Boivin & Michael T. Kiley & Frederic S. Mishkin, 2010. "How Has the Monetary Transmission Mechanism Evolved Over Time?," NBER Working Papers 15879, National Bureau of Economic Research, Inc.
  4. Altunbas, Yener & Gambacorta, Leonardo & Marqués-Ibáñez, David, 2010. "Does monetary policy affect bank risk-taking?," Working Paper Series 1166, European Central Bank.
  5. Frederic S. Mishkin, 1996. "The Channels of Monetary Transmission: Lessons for Monetary Policy," NBER Working Papers 5464, National Bureau of Economic Research, Inc.
  6. Serhan Cevik, 2011. "Desynchronized," IMF Working Papers 11/286, International Monetary Fund.
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