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Monetary Transmission Mechanisms:The Case of Azerbaijan


  • Shahriyar Mukhtarov

    (Qafqaz Universitesi, IIBF, Dunya Ekonomisi Bolumu, Baku, Azerbaycan.)

  • Hasan Selcuk

    (Marmara Universitesi, Bankacılık ve Sigortacılık Enstitusu, Bankacılık Anabilim Dalı Istanbul, Turkiye)

  • Elvin Mammadov

    (Qafqaz Universitesi, IIBF, Maliye Bolumu, BakU, Azerbaycan.)


The aim of this study is to investigate impacts of monetary policy transmission mechanisms on production and prices in theoritical way and to test functioning of monetary transmission channels in Azerbaijan economy. In this article, vector error correction model (VECM) is employed for short and long run relationships in the period of 2001:4-2014:3. Results reveal that, both interest and credit channels are important, with a bit precedence of credit channel in comparison for Azerbaijan economy. Key Words: Monetary Policy, Transmissin Mechanism, Central Banks, VECM, Azerbaijan

Suggested Citation

  • Shahriyar Mukhtarov & Hasan Selcuk & Elvin Mammadov, 2016. "Monetary Transmission Mechanisms:The Case of Azerbaijan," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 5(2), pages 16-33, Special I.
  • Handle: RePEc:rbs:ijbrss:v:5:y:2016:i:2:p:16-33

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