1 option
Monetary Policy Transmission Mechanisms in Pacific Island Countries / Jonathan Dunn, Matt Davies, Yongzheng Yang, Yiqun Wu, Shengzu Wang.
- Format:
- Book
- Government document
- Author/Creator:
- Dunn, Jonathan.
- Series:
- IMF Working Papers; Working Paper ; No. 2011/096
- IMF Working Papers
- Language:
- English
- Subjects (All):
- Monetary policy--Islands of the Pacific.
- Monetary policy.
- Transmission mechanism (Monetary policy)--Islands of the Pacific.
- Transmission mechanism (Monetary policy).
- Islands of the Pacific--Economic policy.
- Islands of the Pacific.
- Physical Description:
- 1 online resource (45 p.)
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2011.
- Language Note:
- English
- Summary:
- During the global financial crisis, central banks in Pacific island countries eased monetary policy to stimulate economic activity. Judging by the ensuing movements in commercial bank interest rates and private sector credit, monetary policy transmission appears to be weak. This is confirmed by an empirical examination of interest rate pass-through and credit growth. Weak credit demand and underdeveloped financial markets seem to have limited the effectiveness of monetary policy, but the inflexibility of exchange rates and rising real interest rates have also served to frustrate the central banks’ efforts despite a supporting fiscal policy. While highlighting the importance of developing domestic financial markets in the long run, this experience also points to the need to coordinate macroeconomic policies and to use all macroeconomic tools available in conducting countercyclical policies, including exchange rate flexibility.
- Contents:
- Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Monetary Policy Objectives and Operations; Figure 1. Current Account Balance; Table 1. Monetary Policy Frameworks in PICs; Figure 2. Consumer Price Inflation (In percentage); III. Empirical Evidence on Monetary Pass-Through; Figure 3. Interest Rates and Their Spreads in PICs; Figure 4. Long run Interest Rate Pass-through ratio; Figure 5. Pacific Islands: Private Credit Long-run Pass-through; Figure 6. Credit and Liquidity Indicators in PICs; Figure 7. Real Lending Rate (In percentage)
- Figure 8. Real Effective Exchange RatesFigure 9. Nominal Effective Exchange Rates; Figure 10. Fiscal Balance (In percentage of GDP); IV. Constraints on Monetary Policy Transmission; Figure 11. Pacific Islands: Broad Money, 2005-09 Average1 (In percentage of GDP); Table 2. Structure of banking sector in PICs 2000-09; Box 1. Provident Funds in PICs; V. Macroeconomic Policy Coordination; Figure 12. Pacific Islands: Fiscal Balance and Inflation; VI. Summary and Policy Implications; Footnotes
- Notes:
- Description based upon print version of record.
- Includes bibliographical references.
- Description based on online resource; title from PDF title page (ebrary, viewed July 7, 2014).
- ISBN:
- 9786613878731
- 9781462327362
- 1462327362
- 9781462368730
- 1462368735
- 9781283566285
- 1283566281
- 9781455252336
- 1455252336
The Penn Libraries is committed to describing library materials using current, accurate, and responsible language. If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.