04089nam 2200589Ia 450 991046225710332120200520144314.01-4755-4120-11-4755-2218-5(CKB)2670000000278911(EBL)1606887(SSID)ssj0000942150(PQKBManifestationID)11565986(PQKBTitleCode)TC0000942150(PQKBWorkID)10972157(PQKB)11193333(MiAaPQ)EBC1606887(Au-PeEL)EBL1606887(CaPaEBR)ebr10627132(OCoLC)801834868(EXLCZ)99267000000027891120121206d2012 uy 0engur|n|---|||||txtccrLost in transmission?[electronic resource] the effectiveness of monetary policy transmission channels in the GCC countries /Serhan Cevik and Katerina TeksozWashington, D.C. International Monetary Fundc20121 online resource (36 p.)IMF working paper ;WP/12/191Description based upon print version of record.1-4755-9958-7 1-4755-0539-6 Includes bibliographical references.Cover; Abstract; Contents; I. Introduction; II. An Overview of The Channels of Monetary Policy Transmission; III. A Brief Overview of Economic Developments; Figures; 1. GCC: Real Non-hydrocarbon GDP Growth and Inflation, 1991-2010; 2. GCC and U.S. Nominal Short-Term Interest Rates, 2004-2010; IV. Empirical Methodology; A. The Benchmark SVAR Specification; B. Data Overview; Tables; 1. Unit Root Tests Results for GCC Countries; V. Estimation Results; 2. Specification tests of the GCC SVAR; VI. Analyzing the Robustness of the Results; 3. Estimated Contemporaneous SVAR Coefficients, 1900-20104. GCC: Variance Decomposition (Percent of Total Variance)VII. Conclusion; Appendix Figures; 1. GCC: Impulse Responses with Bootstrapped Confidence Intervals; 2. Bahrain: Impulse Responses with Bootstrapped Confidence Intervals; 3. Kuwait: Impulse Responses with Bootstrapped Confidence Intervals; 4. Oman: Impulse Responses with Bootstrapped Confidence Intervals; 5. Qatar: Impulse Responses with Bootstrapped Confidence Intervals; 6. Saudi Arabia: Impulse Responses with Bootstrapped Confidence Intervals; 7. U.A.E.: Impulse Responses with Bootstrapped Confidence Intervals8. GCC: Variance Decomposition with Bootstrapped Confidence Intervals9. Bahrain: Variance Decomposition with Bootstrapped Confidence Intervals; 10. Kuwait: Variance Decomposition with Bootstrapped Confidence Intervals; 11. Oman: Variance Decomposition with Bootstrapped Confidence Intervals; 12. Qatar: Variance Decomposition with Bootstrapped Confidence Intervals; 13. Saudi Arabia: Variance Decomposition with Bootstrapped Confidence Intervals; 14. U.A.E.: Variance Decomposition with Bootstrapped Confidence Intervals; ReferencesThis 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 intermIMF Working PapersTransmission mechanism (Monetary policy)Electronic books.Transmission mechanism (Monetary policy)Cevik Serhan940523Teksoz Katerina940524MiAaPQMiAaPQMiAaPQBOOK9910462257103321Lost in transmission2120967UNINA