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 InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 90/47.
Date of creation: 01 May 1990
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Other versions of this item:
- Peter J. Montiel, 1991. "The Transmission Mechanism for Monetary Policy in Developing Countries," IMF Staff Papers, Palgrave Macmillan, vol. 38(1), pages 83-108, March.
- NEP-ALL-2013-02-16 (All new papers)
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