05325oam 22013694 450 991081987420332120200520144314.01-4623-4174-81-4527-6427-11-282-54545-01-4519-0879-29786613822130(CKB)3360000000443250(EBL)3014458(SSID)ssj0000940122(PQKBManifestationID)11553621(PQKBTitleCode)TC0000940122(PQKBWorkID)10948644(PQKB)10032269(OCoLC)246923384(MiAaPQ)EBC3014458(IMF)WPIEE2006084(IMF)WPIEA2006084(EXLCZ)99336000000044325020020129d2006 uf 0engurcnu||||||||txtccrDisintermediation and Monetary Transmission in Canada /Jorge Roldos1st ed.Washington, 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 marketCanadaAsset pricesimfBank creditimfBanksimfBusiness enterprisesimfCorporate Finance and Governance: GeneralimfCorporate FinanceimfCorporate sectorimfCreditimfDeflationimfDepository InstitutionsimfDiffusion ProcessesimfDynamic Quantile RegressionsimfDynamic Treatment Effect ModelsimfEconometrics & economic statisticsimfEconometricsimfFinanceimfIndustries: Financial ServicesimfInflationimfLoansimfMacroeconomicsimfMicro Finance InstitutionsimfMonetary economicsimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfMoney and Monetary PolicyimfMortgagesimfOwnership & organization of enterprisesimfPrice LevelimfPricesimfTime-Series ModelsimfVector autoregressionimfCanadaimfCapital marketFinanceMonetary policyMoney marketAsset pricesBank creditBanksBusiness enterprisesCorporate Finance and Governance: GeneralCorporate FinanceCorporate sectorCreditDeflationDepository InstitutionsDiffusion ProcessesDynamic Quantile RegressionsDynamic Treatment Effect ModelsEconometrics & economic statisticsEconometricsFinanceIndustries: Financial ServicesInflationLoansMacroeconomicsMicro Finance InstitutionsMonetary economicsMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralMoney and Monetary PolicyMortgagesOwnership & organization of enterprisesPrice LevelPricesTime-Series ModelsVector autoregressionRoldos Jorge1632004International Monetary Fund.DcWaIMFBOOK9910819874203321Disintermediation and Monetary Transmission in Canada3970906UNINA