04599oam 22011654 450 991078840760332120230828235811.01-4623-9520-11-4519-9742-61-283-51589-X1-4519-0961-69786613828347(CKB)3360000000443762(EBL)3014345(SSID)ssj0000939956(PQKBManifestationID)11600609(PQKBTitleCode)TC0000939956(PQKBWorkID)10939186(PQKB)10729595(OCoLC)698585548(MiAaPQ)EBC3014345(IMF)WPIEE2006248(EXLCZ)99336000000044376220020129d2006 uf 0engur|n|---|||||txtccrTransmission Mechanisms of Monetary Policy in Armenia : Evidence from VAR Analysis /Era Dabla-Norris, Holger FloerkemeierWashington, D.C. :International Monetary Fund,2006.1 online resource (29 p.)IMF Working Papers"November 2006."1-4518-6508-2 ""Contents""; ""I. INTRODUCTION""; ""II. IMPEDIMENTS FOR MONETARY POLICY TRANSMISSION IN ARMENIA""; ""III. EMPIRICAL ANALYSIS""; ""IV. SUMMARY AND POLICY CONSIDERATIONS""; ""References""This paper examines monetary policy transmission in Armenia in light of the authorities' intention to shift to an inflation-targeting regime over the medium term. We find that the capability of monetary policy to influence economic activity and inflation is still limited, as important channels of monetary transmission are not fully functional. In particular, the interest rate channel remains weak, even though there is some evidence of transmission to prices of changes in the repo rate, the central bank's new operating target for inflation. As in other emerging and transition economies with a high degree of dollarization, the exchange rate channel has a strong impact on the inflation rate. Moreover, we find that inflation does respond to broad money shocks, once foreign currency deposits are included.IMF Working Papers; Working Paper ;No. 2006/248Monetary policyArmenia (Republic)Transmission mechanism (Monetary policy)Armenia (Republic)Banks and BankingimfForeign ExchangeimfMoney and Monetary PolicyimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfMonetary SystemsimfStandardsimfRegimesimfGovernment and the Monetary SystemimfPayment SystemsimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfMonetary economicsimfCurrencyimfForeign exchangeimfBankingimfExchange ratesimfBank creditimfMonetary aggregatesimfCurrenciesimfCreditimfMoney supplyimfMoneyimfBanks and bankingimfArmenia, Republic ofimfMonetary policyTransmission mechanism (Monetary policy)Banks and BankingForeign ExchangeMoney and Monetary PolicyMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralMonetary SystemsStandardsRegimesGovernment and the Monetary SystemPayment SystemsBanksDepository InstitutionsMicro Finance InstitutionsMortgagesMonetary economicsCurrencyForeign exchangeBankingExchange ratesBank creditMonetary aggregatesCurrenciesCreditMoney supplyMoneyBanks and bankingDabla-Norris Era1462136Floerkemeier Holger1574032DcWaIMFBOOK9910788407603321Transmission Mechanisms of Monetary Policy in Armenia3850047UNINA