Lost In Transmission The Effectiveness Of Monetary Policy Transmission Channels In The Gcc Countries
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Lost in Transmission? The Effectiveness of Monetary Policy Transmission Channels in the GCC Countries
Author | : Mr.Serhan Cevik |
Publisher | : International Monetary Fund |
Total Pages | : 35 |
Release | : 2012-07-01 |
Genre | : Business & Economics |
ISBN | : 1475505396 |
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This paper empirically investigates the effectiveness of monetary policy transmission in the Gulf Cooperation Council (GCC) countries using a structural vector autoregressive model. The results indicate that the interest rate and bank lending channels are relatively effective in influencing non-hydrocarbon output and consumer prices, while the exchange rate channel does not appear to play an important role as a monetary transmission mechanism because of the pegged exchange rate regimes. The empirical analysis suggests that policy measures and structural reforms - strengthening financial intermediation and facilitating the development of liquid domestic capital markets - would advance the effectiveness of monetary transmission mechanisms in the GCC countries.