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How Effective Is Monetary Transmission in Low-Income Countries? A Survey of the Empirical Evidence

Author/Editor: Mishra, Prachi | Montiel, Peter
Authorized for Distribution: June 1, 2012
Electronic Access: Free Full Text (PDF file size is 1,116KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: This paper surveys the evidence on the effectiveness of monetary transmission in low-income countries. It is hard to come away from this review with much confidence in the strength of monetary transmission in such countries. We distinguish between the "facts on the ground" and "methodological deficiencies" interpretations of the absence of evidence for strong monetary transmission. We suspect that "facts on the ground" are an important part of the story. If this conjecture is correct, the stabilization challenge in developing countries is acute indeed, and identifying the means of enhancing the effectiveness of monetary policy in such countries is an important challenge.
 
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Series: Working Paper No. 12/143
Subject(s): Asia and Pacific | Caribbean | Cross country analysis | Eastern Europe | Latin America | Low-income developing countries | Middle East and Central Asia | Monetary transmission mechanism | North Africa | Sub-Saharan Africa | Transition economies
Author's keyword(s): Monetary policy | exchange rate | interest rate | banks | institutions | developing countries
 
English  
    Published:   June 1, 2012        
            Format:   Paper
    Stock No:   WPIEA2012143   Pages:   47
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
Please address any questions about this title to publications@imf.org.