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100   $a20121231d2012      uy             0
101 0 $aeng
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181   $ctxt
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200 14$aThe effectiveness of monetary policy transmission under capital inflows$b[electronic resource] $eevidence from Asia /$fSonali Jain-Chandra and D. Filiz Unsal
210   $aWashington, D.C. $cInternational Monetary Fund$d2012
215   $a1 online resource (20 p.)
225  0$aIMF working paper ;$vWP/12/265
300   $aDescription based upon print version of record.
311   $a1-4755-2582-6 
320   $aIncludes bibliographical references.
327   $aCover; Contents; I. Introduction; II. Methodological Considerations; A. Generalized Dynamic Factor Model; Figures; 1. Secondary Market Yield of 10-Year Government Bond; B. Structural Vector Autoregression; III. Are Local Bond Yields in Asia Driven by External or Domestic Factors?--Empirical Results; 2. The Estimated Common Factor and U.S. 10-Year Bond Yield and the VIX; 3. Contributions of U.S. 10-Year Yield and VIX to Estimated Common Factor; 4. Variance Decomposition of Domestic 10-Year Yield by Sources During 2005-10
327   $a5. Contribution of U.S. Long-Term Interest Rates to Variance of Domestic Yields by Maturity 6. Importance of U.S. Interest Rate and Capital Account Openness; IV. Which Interest Rates Matter More for Monetary Transmission Mechanism?; 7. Variance Decomposition of Industrial Production in Response to Shocks to Domestic Interest Rates; V. The Monetary Transmission Mechanism Under Large Capital Flows; 8. Short-Term Corporate Debt; VI. Conclusion; 9. Effect of Capital Flows on Monetary Transmission Mechanism; References
330   $aThe effectiveness of the monetary policy transmission mechanism in open economies could be impaired if interest rates are driven primarily by global factors, especially during periods of large capital inflows. The main objective of this paper is to assess whether this is true for emerging Asia's economies. Using a dynamic factor model and a structural vector auto-regression model, we show that long-term interest rates in Asia are indeed predominantly driven by global factors. However, monetary policy transmission mechanism remains effective in the region, as it operates predominantly through s
410  0$aIMF Working Papers
606   $aMonetary policy$zAsia
606   $aCapital movements$zAsia
608   $aElectronic books.
615  0$aMonetary policy
615  0$aCapital movements
700   $aJain-Chandra$b Sonali$f1975-$0968641
701   $aUnsal$b D. Filiz$0967314
712 02$aInternational Monetary Fund.
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910452572203321
996   $aThe effectiveness of monetary policy transmission under capital inflows$92200184
997   $aUNINA