LEADER 05119oam 22011054 450 001 9910827360603321 005 20240402044641.0 010 $a1-4623-6991-X 010 $a9786612842238 010 $a1-4519-9635-7 010 $a1-4518-7146-5 010 $a1-282-84223-4 035 $a(CKB)3170000000055166 035 $a(SSID)ssj0000944158 035 $a(PQKBManifestationID)11595732 035 $a(PQKBTitleCode)TC0000944158 035 $a(PQKBWorkID)11000830 035 $a(PQKB)11203972 035 $a(OCoLC)762251491 035 $a(MiAaPQ)EBC1605869 035 $a(IMF)WPIEE2008288 035 $a(EXLCZ)993170000000055166 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aIs Monetary Policy Effective When Credit is Low? 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (19 pages) $cillustrations (some color) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/288 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a1-4519-1583-7 320 $aIncludes bibliographical references. 327 $aIntro -- Contents -- I. Background -- II. The Methodological Approach -- III. A Country-by-Country Analysis -- IV. A Panel Approach -- V. The Importance of The Exchange Rate Regime -- VI. Conclusions -- Tables -- 1. Panel VAR: Wald Test Results -- 2. Panel VAR: Floating Exchange Rate: Wald Test Results -- Figures -- 1. Selected Impulse Response Functions of a One Standard Deviation Shock to Interest Rate -- 2. Cross-Country Impact on Inflation of a 1 Percent Shock to Interest Rates -- 3. Panel VAR: Impulse Response Function of a One Standard Deviation Shock to Interest Rates -- 4. Panel VAR: Impulse Response Function of a Shock to Interest Rates -- 5. Panel VAR: Impulse Response Function of a Shock to Interest Rates -- References -- Annexes -- I. Description of the Data -- II. Monetary Policy Regimes -- III. Exchange Rate Regimes. 330 3 $aMonetary policy, at least in part, operates through both an interest rate and credit channel. The question arises, therefore, whether monetary policy is a less potent a device in affecting output and inflation in countries that have low levels of credit and where investment and consumption are not financed by borrowing in local currency. This paper employs a Panel Vector Auto Regression approach to examine the empirical evidence in a broad sample of emerging market countries. The data suggests that the effectiveness of changes in policy interest rates in influencing the path of inflation appear to be unrelated to the level of credit and that, instead, the willingness to allow exchange rate flexibility is a far more important determining factor. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/288 606 $aMonetary policy$xEconometric models 606 $aCredit$xEconometric models 606 $aInflation (Finance)$xEconometric models 606 $aEconometrics$2imf 606 $aForeign Exchange$2imf 606 $aInflation$2imf 606 $aMacroeconomics$2imf 606 $aMoney and Monetary Policy$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aTime-Series Models$2imf 606 $aDynamic Quantile Regressions$2imf 606 $aDynamic Treatment Effect Models$2imf 606 $aDiffusion Processes$2imf 606 $aMonetary economics$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aEconometrics & economic statistics$2imf 606 $aCredit$2imf 606 $aExchange rate arrangements$2imf 606 $aVector autoregression$2imf 606 $aProducer prices$2imf 606 $aPrices$2imf 607 $aUnited States$2imf 615 0$aMonetary policy$xEconometric models. 615 0$aCredit$xEconometric models. 615 0$aInflation (Finance)$xEconometric models. 615 7$aEconometrics 615 7$aForeign Exchange 615 7$aInflation 615 7$aMacroeconomics 615 7$aMoney and Monetary Policy 615 7$aPrice Level 615 7$aDeflation 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aTime-Series Models 615 7$aDynamic Quantile Regressions 615 7$aDynamic Treatment Effect Models 615 7$aDiffusion Processes 615 7$aMonetary economics 615 7$aCurrency 615 7$aForeign exchange 615 7$aEconometrics & economic statistics 615 7$aCredit 615 7$aExchange rate arrangements 615 7$aVector autoregression 615 7$aProducer prices 615 7$aPrices 676 $a332.46 801 0$bDcWaIMF 906 $aBOOK 912 $a9910827360603321 996 $aIs Monetary Policy Effective When Credit is Low$94087554 997 $aUNINA