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Monetary Policy, Structural Break, and the Monetary Transmission Mechanism in Thailand / Hesse, Heiko
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Hesse, Heiko
- Series:
- Policy research working papers.
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Central bank.
- Currencies and Exchange Rates.
- Debt Markets.
- Economic Stabilization.
- Economic Theory and Research.
- Emerging Markets.
- Exchange rate.
- Finance and Financial Sector Development.
- Foreign interest rate.
- Interest rates.
- Macroeconomics and Economic Growth.
- Monetary expansion.
- Monetary policy.
- Monetary shocks.
- Money supply.
- Private Sector Development.
- Transmission mechanism.
- Transmission mechanisms.
- Local Subjects:
- Central bank.
- Currencies and Exchange Rates.
- Debt Markets.
- Economic Stabilization.
- Economic Theory and Research.
- Emerging Markets.
- Exchange rate.
- Finance and Financial Sector Development.
- Foreign interest rate.
- Interest rates.
- Macroeconomics and Economic Growth.
- Monetary expansion.
- Monetary policy.
- Monetary shocks.
- Money supply.
- Private Sector Development.
- Transmission mechanism.
- Transmission mechanisms.
- Physical Description:
- 1 online resource (24 pages)
- Place of Publication:
- Washington, D.C., The World Bank, 2007
- System Details:
- data file
- Summary:
- The paper studies monetary policy and the monetary transmission mechanism in Thailand in light of the Asian crisis in 1997. Existing studies that adopt structural vector auto-regression (VAR) approaches do not give a clear and agreed-upon view how monetary shocks are transmitted to the Thai economy that is subject to structural breaks. This study explicitly models a pre-crisis and post-crisis cointegrated VAR model. This analysis supports arguments that the trinity of open capital markets, pegged exchange rate regime, and monetary policy autonomy is inconsistent in the pre-crisis period. In contrast, the model points to an effective monetary policy in the post-crisis period. Further, the author analyzes the common driving trends of the model.
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