Var analysis of the monetary transmission mechanism in Vietnam
Understanding the monetary transmission mechanism is crucial to central bankers. We analyze the monetary transmission mechanism in Vietnam, using the vector autoregression approach (VAR) and focusing on the reduced-form relationships between money, real output, price level, real interest rate, re...
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| Autores principales: | , |
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| Formato: | Artículo |
| Lenguaje: | inglés |
| Publicado: |
2009
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| Materias: | |
| Acceso en línea: | https://dialnet.unirioja.es/servlet/oaiart?codigo=7446749 |
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| Sumario: | Understanding the monetary transmission mechanism is crucial to central bankers. We
analyze the monetary transmission mechanism in Vietnam, using the vector
autoregression approach (VAR) and focusing on the reduced-form relationships between
money, real output, price level, real interest rate, real exchange rate and credit. We find
consistent evidence that monetary policy can affect real output. Surprisingly, the
connection between money and inflation is less clear in the Vietnam case. As for the
transmission mechanism, the credit and exchange rate channels are more important than
the interest rate channel. |
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