05241oam 22013334 450 991078852750332120230829002157.01-4623-4174-81-4527-6427-11-282-54545-01-4519-0879-29786613822130(CKB)3360000000443250(EBL)3014458(SSID)ssj0000940122(PQKBManifestationID)11553621(PQKBTitleCode)TC0000940122(PQKBWorkID)10948644(PQKB)10032269(OCoLC)246923384(MiAaPQ)EBC3014458(IMF)WPIEE2006084(EXLCZ)99336000000044325020020129d2006 uf 0engtxtccrDisintermediation and Monetary Transmission in Canada /Jorge RoldosWashington, D.C. :International Monetary Fund,2006.1 online resource (35 p.)IMF Working Papers"March 2006."1-4518-6344-6 Includes bibliographical references.""Contents""; ""I. INTRODUCTION""; ""II. FINANCIAL DEREGULATION AND DISINTERMEDIATION""; ""III. CHANGES IN MONETARY TRANSMISSION: EVIDENCE FROM VAR MODELS""; ""IV. CHANGES IN MONETARY TRANSMISSION: EVIDENCE FROM STRUCTURAL MODELS""; ""V. CONCLUSIONS AND POLICY IMPLICATIONS""; ""References""This paper studies changes in Canada's monetary policy transmission, associated with the important changes in financial structure experienced in the 1990's, using two methodologies. First, VAR models show a clear break in monetary transmission beginning in 1988, after changes in financial regulation initiated the process of financial disintermediation. Second, estimates of the interest rate elasticity of aggregate demand in IS equations increase in the 1990's, suggesting that the systematic component of monetary policy has become more relevant. The ratio of direct to indirect finance, a measure of disintermediation, contributes to explain changes in the interest rate elasticity, suggesting an increased effectiveness of monetary policy associated with a larger use of market-based sources of finance.IMF Working Papers; Working Paper ;No. 2006/084Capital marketCanadaFinanceCanadaMonetary policyCanadaMoney marketCanadaCorporate FinanceimfEconometricsimfMacroeconomicsimfMoney and Monetary PolicyimfIndustries: Financial ServicesimfTime-Series ModelsimfDynamic Quantile RegressionsimfDynamic Treatment Effect ModelsimfDiffusion ProcessesimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfPrice LevelimfInflationimfDeflationimfCorporate Finance and Governance: GeneralimfEconometrics & economic statisticsimfMonetary economicsimfFinanceimfOwnership & organization of enterprisesimfVector autoregressionimfBank creditimfLoansimfAsset pricesimfCorporate sectorimfCreditimfPricesimfBusiness enterprisesimfCanadaimfCapital marketFinanceMonetary policyMoney marketCorporate FinanceEconometricsMacroeconomicsMoney and Monetary PolicyIndustries: Financial ServicesTime-Series ModelsDynamic Quantile RegressionsDynamic Treatment Effect ModelsDiffusion ProcessesMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralBanksDepository InstitutionsMicro Finance InstitutionsMortgagesPrice LevelInflationDeflationCorporate Finance and Governance: GeneralEconometrics & economic statisticsMonetary economicsFinanceOwnership & organization of enterprisesVector autoregressionBank creditLoansAsset pricesCorporate sectorCreditPricesBusiness enterprisesRoldos Jorge1462150International Monetary Fund.DcWaIMFBOOK9910788527503321Disintermediation and Monetary Transmission in Canada3670992UNINA