LEADER 07039oam 22014054 450 001 9910960604503321 005 20250426110917.0 010 $a9781475541205 010 $a1475541201 010 $a9781475522181 010 $a1475522185 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(Au-PeEL)EBL1606887 035 $a(CaPaEBR)ebr10627132 035 $a(OCoLC)801834868 035 $a(IMF)WPIEE2012191 035 $a(IMF)WPIEA2012191 035 $a(MiAaPQ)EBC1606887 035 $aWPIEA2012191 035 $a(EXLCZ)992670000000278911 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aLost in Transmission? The Effectiveness of Monetary Policy Transmission Channels in the GCC Countries /$fSerhan Cevik, Katerina Teksoz 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (36 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/12/191 300 $aDescription based upon print version of record. 311 08$a9781475599589 311 08$a1475599587 311 08$a9781475505399 311 08$a1475505396 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 3 $aThis paper empirically investigates the effectiveness of monetary policy transmission in the Gulf Cooperation Council (GCC) countries using a structural vector autoregressive model. The results indicate that the interest rate and bank lending channels are relatively effective in influencing non-hydrocarbon output and consumer prices, while the exchange rate channel does not appear to play an important role as a monetary transmission mechanism because of the pegged exchange rate regimes. The empirical analysis suggests that policy measures and structural reforms - strengthening financial intermediation and facilitating the development of liquid domestic capital markets - would advance the effectiveness of monetary transmission mechanisms in the GCC countries. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/191 606 $aTransmission mechanism (Monetary policy) 606 $aBank credit$2imf 606 $aCredit$2imf 606 $aCurrency$2imf 606 $aDeflation$2imf 606 $aDiffusion Processes$2imf 606 $aDynamic Quantile Regressions$2imf 606 $aDynamic Treatment Effect Models$2imf 606 $aEconometric analysis$2imf 606 $aEconometrics & economic statistics$2imf 606 $aEconometrics$2imf 606 $aEconomywide Country Studies: Asia including Middle East$2imf 606 $aExchange rate arrangements$2imf 606 $aExchange rates$2imf 606 $aForeign Exchange$2imf 606 $aForeign exchange$2imf 606 $aInflation$2imf 606 $aModel Construction and Estimation$2imf 606 $aMonetary economics$2imf 606 $aMonetary Policy$2imf 606 $aMonetary policy$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aMonetary transmission mechanism$2imf 606 $aMoney and Monetary Policy$2imf 606 $aMoney Multipliers$2imf 606 $aMoney Supply$2imf 606 $aMoney$2imf 606 $aPrice Level$2imf 606 $aState Space Models$2imf 606 $aStructural vector autoregression$2imf 606 $aTime-Series Models$2imf 607 $aUnited States$2imf 615 0$aTransmission mechanism (Monetary policy) 615 7$aBank credit 615 7$aCredit 615 7$aCurrency 615 7$aDeflation 615 7$aDiffusion Processes 615 7$aDynamic Quantile Regressions 615 7$aDynamic Treatment Effect Models 615 7$aEconometric analysis 615 7$aEconometrics & economic statistics 615 7$aEconometrics 615 7$aEconomywide Country Studies: Asia including Middle East 615 7$aExchange rate arrangements 615 7$aExchange rates 615 7$aForeign Exchange 615 7$aForeign exchange 615 7$aInflation 615 7$aModel Construction and Estimation 615 7$aMonetary economics 615 7$aMonetary Policy 615 7$aMonetary policy 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aMonetary transmission mechanism 615 7$aMoney and Monetary Policy 615 7$aMoney Multipliers 615 7$aMoney Supply 615 7$aMoney 615 7$aPrice Level 615 7$aState Space Models 615 7$aStructural vector autoregression 615 7$aTime-Series Models 676 $a332.152 700 $aCevik$b Serhan$01815987 701 $aTeksoz$b Katerina$01815988 801 0$bDcWaIMF 906 $aBOOK 912 $a9910960604503321 996 $aLost in Transmission? The Effectiveness of Monetary Policy Transmission Channels in the GCC Countries$94371622 997 $aUNINA