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The Impact of the Indian Monetary Policy and the Official Exchange Rate of Nepalese Monetary Policy

  • Nephil Matangi Maskay

    (Nepal Rastra Bank)

Hypothesis testing identifies a set of significant variables that appear to influence Nepal's monetary policy. After finding a structural break in 1989 (in line with the political regime shift), lagged Indian monetary base and the official exchange rate have respective negative and positive effects on Nepalese monetary base growth. This supports earlier results which indicate that the Nepalese monetary authority plays a stabilizing role given that both countries do not face symmetric shocks and have a well behaved (hard) pegged exchange rate, and is consistent with the policy of the Nepalese monetary authority.

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File URL: http://www.nrb.org.np/ecorev/pdffiles/vol10_art3.pdf
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Article provided by Nepal Rastra Bank, Research Department in its journal NRB Economic Review.

Volume (Year): 10 (1998)
Issue (Month): (April)
Pages: 44-63

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Handle: RePEc:nrb:journl:v:10:y:1998:p:44-63
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