TY  - BOOK
AU  - Cevik,Serhan
AU  - Teksoz,Katerina
TI  - Lost in Transmission? The Effectiveness of Monetary Policy Transmission Channels in the GCC Countries
T2  - IMF Working Papers; Working Paper
SN  - 1475505396 :
SN  - 1018-5941
PY  - 2012///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Aggregate Demand
KW  - imf
KW  - Central Banking
KW  - Credit Channel
KW  - Economywide Country Studies: Asia Including Middle East
KW  - Model Construction and Estimation
KW  - Monetary Policy
KW  - Bahrain
N2  - This paper empirically investigates the effectiveness of monetary policy transmission in the Gulf Cooperation Council (GCC) countries using a structural vector autoregressive model. The results indicate that the interest rate and bank lending channels are relatively effective in influencing non-hydrocarbon output and consumer prices, while the exchange rate channel does not appear to play an important role as a monetary transmission mechanism because of the pegged exchange rate regimes. The empirical analysis suggests that policy measures and structural reforms - strengthening financial intermediation and facilitating the development of liquid domestic capital markets - would advance the effectiveness of monetary transmission mechanisms in the GCC countries
UR  - http://elibrary.imf.org/view/IMF001/12984-9781475505399/12984-9781475505399/12984-9781475505399.xml
UR  - http://www.imfbookstore.org/IMFORG/9781475505399
ER  -