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Financial Reforms and Transmission Mechanism of Monetary Policy in The SEACEN Countries


  • Mulyana Soekarni


This study examines the information content of traditional monetary tools in revealing future movements of output and prices, based on information and data obtained from the member central banks as well as in-house database and using the Vector Auto Regression (VAR) approach. It is found that even if these tools could no longer serve individually as a single policy indicator, they remain useful at least as leading indicators in the formulation of monetary policy.

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  • Mulyana Soekarni, 1995. "Financial Reforms and Transmission Mechanism of Monetary Policy in The SEACEN Countries," Research Studies, South East Asian Central Banks (SEACEN) Research and Training Centre, number rp30.
  • Handle: RePEc:sea:rstudy:rp30

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    References listed on IDEAS

    1. Stijn Claessens & M. Ayhan Kose & Marco E. Terrones, 2009. "What happens during recessions, crunches and busts?," Economic Policy, CEPR;CES;MSH, vol. 24, pages 653-700, October.
    2. Mishkin, F S., 2008. "How should we respond to asset price bubbles?," Financial Stability Review, Banque de France, issue 12, pages 65-74, October.
    3. Giovanni Dell'Ariccia & Pau Rabanal & Christopher W. Crowe & Deniz O Igan, 2011. "Policies for Macrofinancial Stability; Options to Deal with Real Estate Booms," IMF Staff Discussion Notes 11/02, International Monetary Fund.
    4. John Muellbauer & Anthony Murphy, 2008. "Housing markets and the economy: the assessment," Oxford Review of Economic Policy, Oxford University Press, vol. 24(1), pages 1-33, spring.
    5. Atif Mian & Amir Sufi, 2009. "The Consequences of Mortgage Credit Expansion: Evidence from the U.S. Mortgage Default Crisis," The Quarterly Journal of Economics, Oxford University Press, vol. 124(4), pages 1449-1496.
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