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Heterogeneity in the influence of monetary policy : an empirical analysis focused on the Philippines(審査報告)
| Content Provider | Semantic Scholar |
|---|---|
| Author | Fermo, Laura Britt |
| Copyright Year | 2016 |
| Abstract | Monetary policymakers are concerned with how much influence they can exert over market interest rates. Looking at how far and when relevant market interest rates are deviating from policy rates provide us with a perspective of how the degree of influence of the central bank’s main policy rate over market rates change over time and, if there are periods of divergence found, an understanding of what factors are causing this divergence. It is generally well accepted that the degree of influence of central banks on market interest rates is a reflection of central bank choice between several monetary policy objectives: monetary independence, exchange rate stability, and financial openness—the degree of attainment of which vary significantly across different policy frameworks, between different stages of development, and over time. In addition to this, more recent literature have come to realize that how much the central bank policy rate can influence market interest rates could as well be driven by financial market characteristics. Hence, given that different factors affect the degree of influence of monetary policy in the economy, then it is reasonable to expect that there will be heterogeneity in the response to this influence: heterogeneity across different economies because of differences in monetary policy objectives and financial market characteristics, and heterogeneity in the response of different banks in terms of growth in bank lending and bank lending rates being the main sector by which monetary policy interest rates affects the rest of the real economy, especially in consideration of the new financial environment brought on by the recent global financial crisis. |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | http://koara.lib.keio.ac.jp/xoonips/modules/xoonips/download.php/KO10002002-20164880-0003.pdf?file_id=124670 |
| Alternate Webpage(s) | http://koara.lib.keio.ac.jp/xoonips/modules/xoonips/download.php/KO10002002-20164880-0002.pdf?file_id=124668 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
