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Canaux de transmission de la politique monétaire dans l'UE : Le cas de trois nouveaux entrants

Listed author(s):
  • Jérôme Creel

    (Observatoire français des conjonctures économiques)

  • Sandrine Levasseur

    (Observatoire français des conjonctures économiques)

L’étude porte sur les canaux de transmission de la politique monétaire (ctpm) en Hongrie, en Pologne et en République tchèque entre 1995 et 2004. Elle est basée sur une analyse vectorielle autorégressive incluant le crédit parmi les variables endogènes. Les pays partagent un certain nombre de points communs en termes de CTPM : un impact rapide, mais faible, sur la production industrielle ; la présence d’une « énigme » du taux de change plutôt que des prix après une hausse du taux d’intérêt ; et un canal du crédit encore balbutiant. Comparativement à la République tchèque et à la Hongrie, c’est en Pologne que les canaux du taux de change et du taux d’intérêt jouent le rôle le plus important sur la période récente : le coût d’entrée dans la zone euro pourrait donc être plus élevé pour la Pologne.

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File URL: http://spire.sciencespo.fr/hdl:/2441/3262/resources/2006-creel-levasseur-canaux-de-transmission-de-la-politique-monetaire-dans-lue.pdf
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Paper provided by Sciences Po in its series Sciences Po publications with number info:hdl:2441/3262.

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Date of creation: Jul 2006
Publication status: Published in Revue économique, 2006, vol. 57, pp.881-898
Handle: RePEc:spo:wpmain:info:hdl:2441/3262
Contact details of provider: Web page: http://www.sciencespo.fr/

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  1. Leena Mörttinen & Paolo Poloni & Patrick Sandars & Jukka Vesala, 2005. "Analysing banking sector conditions - how to use macro-prudential indicators," Occasional Paper Series 26, European Central Bank.
  2. Marek Jarocinski, 2010. "Responses to monetary policy shocks in the east and the west of Europe: a comparison," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 25(5), pages 833-868.
  3. repec:spo:wpecon:info:hdl:2441/2976 is not listed on IDEAS
  4. Jérôme Creel* & Sandrine Levasseur, 2007. "Monetary Policy Transmission Mechanisms in the CEECs: How Important are the Differences with the Euro Area?," The IUP Journal of Monetary Economics, IUP Publications, vol. 0(1), pages 30-59, February.
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  9. Georgy Ganev & Krisztina Molnar & Krzysztof Rybinski & Przemyslaw Wozniak, 2002. "Transmission Mechanism of Monetary Policy in Centraland Eastern Europe," CASE Network Reports 0052, CASE-Center for Social and Economic Research.
  10. Sims, Christopher A & Stock, James H & Watson, Mark W, 1990. "Inference in Linear Time Series Models with Some Unit Roots," Econometrica, Econometric Society, vol. 58(1), pages 113-144, January.
  11. Bonin, John & Wachtel, Paul, 2002. "Financial sector development in transition economies : Lessons from the first decade," BOFIT Discussion Papers 9/2002, Bank of Finland, Institute for Economies in Transition.
  12. Alessio Anzuini & Aviram Levy, 2004. "Financial structure and the transmission of monetary shocks: preliminary evidence for the Czech Republic, Hungary and Poland," Temi di discussione (Economic working papers) 514, Bank of Italy, Economic Research and International Relations Area.
  13. Peersman, Gert & Smets, Frank, 2001. "The monetary transmission mechanism in the euro area: more evidence from VAR analysis," Working Paper Series 0091, European Central Bank.
  14. Jérôme Héricourt, 2005. "Monetary policy transmission in the CEECs : revisited results using alternative econometrics," Cahiers de la Maison des Sciences Economiques bla05020, Université Panthéon-Sorbonne (Paris 1).
  15. Garett Jones & Ali M Kutan, 2004. "Exchange Rate Management Strategies in the Accession Countries: The Case of Hungary," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 46(1), pages 23-44, March.
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