03946oam 22010094 450 991095981850332120250502213641.0978661382213097814623417401462341748978145276427614527642719781282545458128254545097814519087941451908792(CKB)3360000000443250(EBL)3014458(SSID)ssj0000940122(PQKBManifestationID)11553621(PQKBTitleCode)TC0000940122(PQKBWorkID)10948644(PQKB)10032269(OCoLC)246923384(MiAaPQ)EBC3014458(IMF)WPIEE2006084(IMF)WPIEA2006084WPIEA2006084(CaBNVSL)gtp00528127(CaOOCEL)250991(VaAlCD)20.500.12592/j47rb9(EXLCZ)993360000000443250250991CaOOCEL(Public Documents)20020129d2006 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."9781451863444 1451863446 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. 2006/084FinanceCanadaMonetary policyCanadaMoney marketCanadaCapital marketCanadaBusinessIptcncCredit channelIptcncEconomicsIptcncEconomyIptcncFinanceIptcncMacroeconomicsIptcncMonetary policyIptcncMoneyIptcncVector autoregressionIptcncFinancial acceleratorIptcncFinanceMonetary policyMoney marketCapital marketBusinessCredit channelEconomicsEconomyFinanceMacroeconomicsMonetary policyMoneyVector autoregressionFinancial accelerator332/.042Roldos Jorge1815794International Monetary Fund.DcWaIMFBOOK9910959818503321Disintermediation and Monetary Transmission in Canada4371320UNINA