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Monetary Transmission Mechanism in Transition Economies: Surveying the Surveyable

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  • Balazs Egert
  • Ronald MacDonald

Abstract

This paper surveys recent advances in the monetary transmission mechanism (MTM). In particular, while laying out the functioning of the separate channels in the MTM, special attention is paid to exploring possible interrelations between different channels through which they may amplify or attenuate each others’ impact on prices and the real economy. We take stock of the empirical findings especially as they relate to countries in Central and Eastern Europe, and compare them to results reported for industrialised countries, especially for the euro area. We highlight potential pitfalls in the literature and assess the relative importance and potential development of the different channels.

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Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 1739.

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Date of creation: 2006
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Handle: RePEc:ces:ceswps:_1739

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Keywords: monetary transmission; transition; Central and Eastern Europe; credit channel; interest rate channel; interest-rate pass-through; exchange rate channel; exchange rate pass-through; asset price channel;

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Cited by:
  1. Magdalena RADULESCU & Nicoleta DASCALU, 2009. "Monetary Transmission Channels in Romania – the Credit Channel," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 3, pages 77-88, December.
  2. Jamilov, Rustam, 2012. "Channels of Monetary Transmission in the CIS," MPRA Paper 39568, University Library of Munich, Germany.
  3. Oxana Babecká-Kucharèuková, 2009. "Transmission of Exchange Rate Shocks into Domestic Inflation: The Case of the Czech Republic," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 59(2), pages 137-152, June.
  4. Rebeca Jimenez-Rodriguez & Amalia Morales-Zumaquero & Balazs Egert, 2010. "The VARying Effect of Foreign Shocks in Central and Eastern Europe," William Davidson Institute Working Papers Series wp989, William Davidson Institute at the University of Michigan.
  5. Giuliana Passamani, 2008. "The process of convergence towards the euro for the Visegrad-4 countries," Department of Economics Working Papers 0825, Department of Economics, University of Trento, Italia.
  6. T. Mangwengwende & Z. Chinzara & H. Nel, 2011. "Bank concentration and the interest rate pass-through in Sub-Saharan African countries," Working Papers 233, Economic Research Southern Africa.
  7. Jesus Crespo Cuaresma & Balázs Égert & Thomas Reininger, 2006. "Interest Rate Pass-Through in Central and Eastern Europe: Reborn from Ashes Merely to Pass Away?," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 1.
  8. Rania A. Al-Mashat & Andreas Billmeier, 2007. "The Monetary Transmission Mechanism in Egypt," IMF Working Papers 07/285, International Monetary Fund.
  9. Carsten Hefeker, 2006. "The monetary policy consequences of enlargement," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 7(4), pages 29-34, December.
  10. Frank Hespeler, 2013. "A VECM evaluation of monetary transmission in Uzbekistan," Economic Change and Restructuring, Springer, vol. 46(2), pages 219-253, May.
  11. Lepushynskyy, Volodymyr, 2008. "Lines of monetary transmission optimization under conditions of transition economy," MPRA Paper 10102, University Library of Munich, Germany.
  12. Rodolfo Maino & Balázs Horváth, 2006. "Monetary Transmission Mechanisms in Belarus," IMF Working Papers 06/246, International Monetary Fund.

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