Monetary Policy, Structural Break, And The Monetary Transmission Mechanism In Thailand

Monetary Policy, Structural Break, And The Monetary Transmission Mechanism In Thailand / Hesse, Heiko

The paper studies monetary policy and the monetary transmission mechanism in Thailand in light of the Asian crisis in 1997. Existing studies that adopt structural vector auto-regression (VAR) approaches do not give a clear and agreed-upon view how monetary shocks are transmitted to the Thai economy...

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Detalles Bibliográficos
Autores principales:Hesse, Heiko
Formato: Online-Resource
Lenguaje:English
Publicado:Washington, D.C : The World Bank, 2007
Materias:
Central bank
Currencies and Exchange Rates
Debt Markets
Economic Stabilization
Economic Theory and Research
Emerging Markets
Exchange rate
Finance and Financial Sector Development
Foreign interest rate
Interest rates
Macroeconomics and Economic Growth
Monetary expansion
Monetary policy
Monetary shocks
Money supply
Private Sector Development
Transmission mechanism
Transmission mechanisms
Acceso en línea:URL des Erstveröffentlichers
Descripción
Sumario:The paper studies monetary policy and the monetary transmission mechanism in Thailand in light of the Asian crisis in 1997. Existing studies that adopt structural vector auto-regression (VAR) approaches do not give a clear and agreed-upon view how monetary shocks are transmitted to the Thai economy that is subject to structural breaks. This study explicitly models a pre-crisis and post-crisis cointegrated VAR model. This analysis supports arguments that the trinity of open capital markets, pegged exchange rate regime, and monetary policy autonomy is inconsistent in the pre-crisis period. In contrast, the model points to an effective monetary policy in the post-crisis period. Further, the author analyzes the common driving trends of the model
Descripción Física:1 Online-Ressource (24 Seiten)

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