Abstract
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.
Keywords
Monetary transmission channel, output, price, VAR, Vietnam.
Publisher
Kinh Tế Quốc Dân???dc.relation.reference???
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Aleem, Abdul. (2010), ‘Transmission Mechanism of Monetary Policy in India’, Journal of Asian Economics, Vol. 21, No.2, pp. 186–197. Asel, Isakova. (2008), ‘Monetary Policy Effiency in the Economies of Central Asia’, Czech Journal of Economics and Finance, Vol. 58, No.11-12, pp. 525-553. Bernanke, B., and Gertler, M (1995), ‘Inside the Black Box: The Credit Channel of Monetary Policy Transmission’, The Journal of Economic Perspectives, Vol. 9, No.4, pp. 27–48. Chow, Hwee Kwan. (2004), ‘A Var Analysis of Singapore’s Monetary Transmission Mechanism’, Research Collection School&#...See More
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