07039oam 22014054 450 991096060450332120250426110917.09781475541205147554120197814755221811475522185(CKB)2670000000278911(EBL)1606887(SSID)ssj0000942150(PQKBManifestationID)11565986(PQKBTitleCode)TC0000942150(PQKBWorkID)10972157(PQKB)11193333(Au-PeEL)EBL1606887(CaPaEBR)ebr10627132(OCoLC)801834868(IMF)WPIEE2012191(IMF)WPIEA2012191(MiAaPQ)EBC1606887WPIEA2012191(EXLCZ)99267000000027891120020129d2012 uf 0engur|n|---|||||txtccrLost in Transmission? The Effectiveness of Monetary Policy Transmission Channels in the GCC Countries /Serhan Cevik, Katerina Teksoz1st ed.Washington, 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.9781475599589 1475599587 9781475505399 1475505396 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)Bank creditimfCreditimfCurrencyimfDeflationimfDiffusion ProcessesimfDynamic Quantile RegressionsimfDynamic Treatment Effect ModelsimfEconometric analysisimfEconometrics & economic statisticsimfEconometricsimfEconomywide Country Studies: Asia including Middle EastimfExchange rate arrangementsimfExchange ratesimfForeign ExchangeimfForeign exchangeimfInflationimfModel Construction and EstimationimfMonetary economicsimfMonetary PolicyimfMonetary policyimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfMonetary transmission mechanismimfMoney and Monetary PolicyimfMoney MultipliersimfMoney SupplyimfMoneyimfPrice LevelimfState Space ModelsimfStructural vector autoregressionimfTime-Series ModelsimfUnited StatesimfTransmission mechanism (Monetary policy)Bank creditCreditCurrencyDeflationDiffusion ProcessesDynamic Quantile RegressionsDynamic Treatment Effect ModelsEconometric analysisEconometrics & economic statisticsEconometricsEconomywide Country Studies: Asia including Middle EastExchange rate arrangementsExchange ratesForeign ExchangeForeign exchangeInflationModel Construction and EstimationMonetary economicsMonetary PolicyMonetary policyMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralMonetary transmission mechanismMoney and Monetary PolicyMoney MultipliersMoney SupplyMoneyPrice LevelState Space ModelsStructural vector autoregressionTime-Series Models332.152Cevik Serhan1815987Teksoz Katerina1815988DcWaIMFBOOK9910960604503321Lost in Transmission? The Effectiveness of Monetary Policy Transmission Channels in the GCC Countries4371622UNINA