Ấn phẩm
The Role of Diffrent Channels in Transmitting Monetary Policy into Output and Price in Vietnam
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183
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5
Nhan đề khác
Tóm tắt
The paper investigates the mechanism of monetary transmission in Vietnam through diffrent channels - namely the interest rate channel, the exchange rate channel, the asset channel and the credit channel for the period January 1995 - October 2009. This study applies VAR analysis to evaluate the monetary transmission mechanisms to output and price level. To compare the relative importance of diffrent channels for transmitting monetary policy, the paper estimates the impulse response functions and variance decompositions of variables. The empirical results show that the changes in money supply have a signifiant impact on output rather than price in the short run. The impacts of money supply on price and output are stronger through the exchange rate and credit channels, but however, are weaker through the interest rate channel. The impacts of monetary policy on output and infltion may be erroneous through the equity price channel because of the lack of an established and well-functioning stock market.
Mô tả
economic management and policy
Tác giả
Nguyen, Thi Thuy Vinh
Tác giả khác
Người hướng dẫn
Nơi xuất bản
Nhà xuất bản
Kinh Tế Quốc Dân
Năm xuất bản
2015
ISSN tạp chí
Nhan đề tập
Từ khóa chủ đề
Monetary transmission channel , output , price , VAR , Vietnam.
