06856oam 22013214 450 991078648450332120230801225354.01-4755-4120-11-4755-2218-5(CKB)2670000000278911(EBL)1606887(SSID)ssj0000942150(PQKBManifestationID)11565986(PQKBTitleCode)TC0000942150(PQKBWorkID)10972157(PQKB)11193333(MiAaPQ)EBC1606887(Au-PeEL)EBL1606887(CaPaEBR)ebr10627132(OCoLC)801834868(IMF)WPIEE2012191(IMF)WPIEA2012191(EXLCZ)99267000000027891120020129d2012 uf 0engur|n|---|||||txtccrLost in Transmission? The Effectiveness of Monetary Policy Transmission Channels in the GCC Countries /Serhan Cevik, Katerina TeksozWashington, D.C. :International Monetary Fund,2012.1 online resource (36 p.)IMF Working PapersIMF 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 intermediation and facilitating the development of liquid domestic capital markets - would advance the effectiveness of monetary transmission mechanisms in the GCC countries.IMF Working Papers; Working Paper ;No. 2012/191Transmission mechanism (Monetary policy)EconometricsimfForeign ExchangeimfMoney and Monetary PolicyimfModel Construction and EstimationimfPrice LevelimfInflationimfDeflationimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfMoney SupplyimfCreditimfMoney MultipliersimfMonetary PolicyimfEconomywide Country Studies: Asia including Middle EastimfTime-Series ModelsimfDynamic Quantile RegressionsimfDynamic Treatment Effect ModelsimfDiffusion ProcessesimfState Space ModelsimfCurrencyimfForeign exchangeimfMonetary economicsimfEconometrics & economic statisticsimfExchange ratesimfBank creditimfExchange rate arrangementsimfStructural vector autoregressionimfMonetary transmission mechanismimfMoneyimfEconometric analysisimfMonetary policyimfUnited StatesimfTransmission mechanism (Monetary policy)EconometricsForeign ExchangeMoney and Monetary PolicyModel Construction and EstimationPrice LevelInflationDeflationMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralMoney SupplyCreditMoney MultipliersMonetary PolicyEconomywide Country Studies: Asia including Middle EastTime-Series ModelsDynamic Quantile RegressionsDynamic Treatment Effect ModelsDiffusion ProcessesState Space ModelsCurrencyForeign exchangeMonetary economicsEconometrics & economic statisticsExchange ratesBank creditExchange rate arrangementsStructural vector autoregressionMonetary transmission mechanismMoneyEconometric analysisMonetary policyCevik Serhan1578653Teksoz Katerina1578654DcWaIMFBOOK9910786484503321Lost in Transmission? The Effectiveness of Monetary Policy Transmission Channels in the GCC Countries3858232UNINA