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Author Saizar, Carolina, author.

Title Is monetary policy effective when credit is low? / prepared by Ana Carolina Saizar and Nigel Chalk
Published Washington, D.C. : International Monetary Fund, ©2008

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Description 1 online resource (17 pages) : illustrations
Series IMF working paper ; WP/08/288.
Summary Monetary policy, at least in part, operates through both an interest rate and credit channel. The question arises, therefore, whether monetary policy is a less potent a device in affecting output and inflation in countries that have low levels of credit and where investment and consumption are not financed by borrowing in local currency. This paper employs a Panel Vector Auto Regression approach to examine the empirical evidence in a broad sample of emerging market countries. The data suggests that the effectiveness of changes in policy interest rates in influencing the path of inflation appear to be unrelated to the level of credit and that, instead, the willingness to allow exchange rate flexibility is a far more important determining factor
Notes At head of title: Western Hemisphere Department
"December 2008."
Bibliography Includes bibliographical references (pages 12-14)
Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL
Print version record
digitized 2011 HathiTrust Digital Library committed to preserve pda MiAaHDL
Subject Monetary policy -- Econometric models
Credit -- Econometric models
Inflation (Finance) -- Econometric models
Credit -- Econometric models
Inflation (Finance) -- Econometric models
Monetary policy -- Econometric models
Geldpolitik.
Wirkungsanalyse.
Kreditkanal.
Form Electronic book
Author Chalk, Nigel Andrew, author.
International Monetary Fund. Western Hemisphere Department.