04818oam 22012614 450 991096463600332120250426110434.0978661382834797814623952001462395201978145199742214519974269781283515894128351589X97814519096161451909616(CKB)3360000000443762(EBL)3014345(SSID)ssj0000939956(PQKBManifestationID)11600609(PQKBTitleCode)TC0000939956(PQKBWorkID)10939186(PQKB)10729595(OCoLC)698585548(IMF)WPIEE2006248(MiAaPQ)EBC3014345(IMF)WPIEA2006248WPIEA2006248(EXLCZ)99336000000044376220020129d2006 uf 0engur|n|---|||||txtccrTransmission Mechanisms of Monetary Policy in Armenia : Evidence from VAR Analysis /Era Dabla-Norris, Holger Floerkemeier1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (29 p.)IMF Working Papers"November 2006."9781451865080 1451865082 ""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)Bank creditimfBankingimfBanks and BankingimfBanks and bankingimfBanksimfCreditimfCurrenciesimfCurrencyimfDepository InstitutionsimfExchange ratesimfForeign ExchangeimfForeign exchangeimfGovernment and the Monetary SystemimfMicro Finance InstitutionsimfMonetary aggregatesimfMonetary economicsimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfMonetary SystemsimfMoney and Monetary PolicyimfMoney supplyimfMoneyimfMortgagesimfPayment SystemsimfRegimesimfStandardsimfArmenia, Republic ofimfMonetary policyTransmission mechanism (Monetary policy)Bank creditBankingBanks and BankingBanks and bankingBanksCreditCurrenciesCurrencyDepository InstitutionsExchange ratesForeign ExchangeForeign exchangeGovernment and the Monetary SystemMicro Finance InstitutionsMonetary aggregatesMonetary economicsMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralMonetary SystemsMoney and Monetary PolicyMoney supplyMoneyMortgagesPayment SystemsRegimesStandardsDabla-Norris Era1815724Floerkemeier Holger1816443DcWaIMFBOOK9910964636003321Transmission Mechanisms of Monetary Policy in Armenia4372521UNINA