Hidden Bibliographic Details
| Other authors / contributors: | Unsal, D. Filiz, author.
International Monetary Fund. Asia and Pacific Department, issuing body.
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| ISBN: | 9781475521955
1475521952
9781475525823
1475525826
9781475579710
1475579713
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| Digital file characteristics: | data file
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| Notes: | Title from PDF title page (IMF Web site, viewed November 5, 2012).
"Asia and Pacific Department"--Page 2 of pdf
"November 2012"--Page 2 of pdf
Includes bibliographical references (pages 16-18).
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| Summary: | "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"--Abstract
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