LEADER 04089nam 2200589Ia 450 001 9910462257103321 005 20200520144314.0 010 $a1-4755-4120-1 010 $a1-4755-2218-5 035 $a(CKB)2670000000278911 035 $a(EBL)1606887 035 $a(SSID)ssj0000942150 035 $a(PQKBManifestationID)11565986 035 $a(PQKBTitleCode)TC0000942150 035 $a(PQKBWorkID)10972157 035 $a(PQKB)11193333 035 $a(MiAaPQ)EBC1606887 035 $a(Au-PeEL)EBL1606887 035 $a(CaPaEBR)ebr10627132 035 $a(OCoLC)801834868 035 $a(EXLCZ)992670000000278911 100 $a20121206d2012 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aLost in transmission?$b[electronic resource] $ethe effectiveness of monetary policy transmission channels in the GCC countries /$fSerhan Cevik and Katerina Teksoz 210 $aWashington, D.C. $cInternational Monetary Fund$dc2012 215 $a1 online resource (36 p.) 225 0$aIMF working paper ;$vWP/12/191 300 $aDescription based upon print version of record. 311 $a1-4755-9958-7 311 $a1-4755-0539-6 320 $aIncludes bibliographical references. 327 $aCover; 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, 1900-2010 327 $a4. 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 Intervals 327 $a8. 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; References 330 $aThis paper empirically investigates the effectiveness of monetary policy transmission in the Gulf Cooperation Council (GCC) countries using a structural vector autoregressive model. The results indicate that the interest rate and bank lending channels are relatively effective in influencing non-hydrocarbon output and consumer prices, while the exchange rate channel does not appear to play an important role as a monetary transmission mechanism because of the pegged exchange rate regimes. The empirical analysis suggests that policy measures and structural reforms - strengthening financial interm 410 0$aIMF Working Papers 606 $aTransmission mechanism (Monetary policy) 608 $aElectronic books. 615 0$aTransmission mechanism (Monetary policy) 700 $aCevik$b Serhan$0940523 701 $aTeksoz$b Katerina$0940524 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910462257103321 996 $aLost in transmission$92120967 997 $aUNINA