کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5087969 | 1375470 | 2007 | 14 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Thai monetary policy transmission in an inflation targeting era
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
A critical issue involved with the transmission of monetary policy is the degree and speed at which changes in the official policy rate are transmitted to other rates faced by firms and households. The paper explores changing financial environment in Thailand after inflation targeting has adopted. Furthermore, the empirical analyses are provided to investigate the long-run relationship and the degree of pass-through between the policy rate and the various financial market interest rates in Thailand. It is found that there exist co-movements between 14-day repurchase rate and the financial market rates in the long-run, except for the finance company lending rate. The paper also shows that the transmission of monetary policy through the interest rate channel has become weak. Nonetheless, the credit channel through the commercial bank lending is still a valid monetary transmission mechanism of Thailand. It is worth noting that there is a decrease in the degree of disintermediation as well as an increase in the roles of other sources of fund.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Asian Economics - Volume 18, Issue 1, February 2007, Pages 144-157
Journal: Journal of Asian Economics - Volume 18, Issue 1, February 2007, Pages 144-157
نویسندگان
June Charoenseang, Pornkamol Manakit,