Tóm tắt
Purpose – The purpose of this paper is to evaluate the interest rate (IR) sensitivity of output and prices in developing economies with different levels of financial inclusion ( FI) for the period 2007Q1–2017Q4. Design/methodology/approach – By using the PCA method to construct an FI index for each country, the author divides the sample into two groups (high and low FI levels). Then, with panel vector autoregressions on per group estimated to assess the strength of the impulse response of output and prices to IR shock. Findings – The findings show that the impact of an IR shock on output and inflation is greater in economies with a higher degree of FI. Practical implications – The finding indicates the link between FI and the effectiveness of IRs as a monetary policy tool, there by helping Central banks to have aclearer goal of FI to implement their monetary policy. Originality/value – This study emphasizes the important role of FI in the economy. From there, an FI solution is integrated into the construction and calculation of its impact on monetary policy, improving the efficiency of monetary policy transmission, contributing to price stability and sustainable growth.
Chủ đề
Financial inclusion, Interest rate sensitivity, Monetary policy transmission mechanism
Nhà xuất bản
Kinh Tế Quốc Dân???dc.relation.reference???
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Amid ži ć, G., Massara, M.A. and Mialou, A. (2014), “Assessing countries’ financial inclusion standing-a new composite index (No. 14-36)”, International Monetary Fund. Andrews, D.W.K. and Lu, B. (2001), “Consistent model and moment selection procedures for GMM estimation with application to dynamic panel data models”, Journal of Econometrics, Vol. 101 No. 1, pp. 123-164. Beck, T., Demirguc-Kunt, A. and Peria, M.S.M. (2007), “Reaching out: access to and use of banking services across countries”, Journal of Financial Economics, Vol. 85 No. 1, pp. 234-266. Berg, A., Ka...See More