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150128 ||| eng |
| 020 |
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|a 9781475525823
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| 100 |
1 |
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|a Jain-Chandra, Sonali
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| 245 |
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|a The Effectiveness of Monetary Policy Transmission Under Capital Inflows
|b Evidence from Asia
|c Sonali Jain-Chandra, Filiz Unsal
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2012
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| 300 |
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|a 19 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Interest rates
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| 653 |
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|a Finance
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| 653 |
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|a Financial services
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| 653 |
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|a Short term interest rates
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| 653 |
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|a Balance of payments
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| 653 |
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|a Open Economy Macroeconomics
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| 653 |
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|a Long-term Capital Movements
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| 653 |
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|a Exports and Imports
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| 653 |
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|a International economics
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| 653 |
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|a Yield curve
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| 653 |
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|a Capital inflows
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Banking
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| 653 |
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|a Interest Rates: Determination, Term Structure, and Effects
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| 653 |
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|a Capital movements
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| 653 |
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|a Long term interest rates
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| 653 |
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|a Monetary Policy
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| 653 |
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|a International Investment
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| 653 |
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|a Central bank policy rate
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| 700 |
1 |
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|a Unsal, Filiz
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781475525823.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2012/265/001.2012.issue-265-en.xml?cid=40080-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a The effectiveness of the monetary policy transmission mechanism in open economies could be impaired if interest rates are driven primarily by global factors, especially during periods of large capital inflows. The main objective of this paper is to assess whether this is true for emerging Asia’s economies. Using a dynamic factor model and a structural vector auto-regression model, we show that long-term interest rates in Asia are indeed predominantly driven by global factors. However, monetary policy transmission mechanism remains effective in the region, as it operates predominantly through short-term interest rates. Nevertheless, the monetary transmission mechanism, though effective, is somewhat weaker in Asia during the periods of surges in capital inflows
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