{
  "title": "The Monetary Transmission Mechanism in Egypt",
  "publication": "IMF Working Papers, December 1, 2007",
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  "summary": "This paper examines the monetary transmission mechanism in Egypt against the background of the central bank's intention to shift to inflation targeting. It first describes the changing transmission channels over the last decade. Second, the channels are evaluated in a VAR model.",
  "sections": [
    {
      "heading": "Overview and objective",
      "content": "- Examines the monetary transmission mechanism in Egypt against the background of the central bank's intention to shift to inflation targeting.\n- Analysis proceeds in two steps:\n  - Describes the changing transmission channels over the last decade.\n  - Evaluates the channels in a VAR model."
    },
    {
      "heading": "Key findings",
      "content": "- Exchange rate channel:\n  - Plays a strong role in propagating monetary shocks to output and prices.\n- Bank lending and asset price channels:\n  - Most other channels (bank lending, asset price) are rather weak.\n- Interest rate channel:\n  - Underdeveloped but appears to be strengthening since the introduction of the interest corridor in 2005.\n  - Strengthening of the interest rate channel bodes well for adopting inflation targeting over the medium term."
    },
    {
      "heading": "Methods and scope",
      "content": "- Empirical evaluation based on a VAR model.\n- Timeframe: analysis references changing transmission channels over \"the last decade\" relative to the study.\n- Publication details and identifiers:\n  - Pages: 43\n  - Volume: 2007\n  - Issue: 285\n  - Series: Working Paper No. 2007/285\n  - DOI: https://doi.org/10.5089/9781451868487.001\n  - Stock No: WPIEA2007285\n  - ISBN: 9781451868487\n  - ISSN: 1018-5941\n- Authors and date:\n  - By Rania A. Al-Mashat, Andreas Billmeier\n  - December 1, 2007"
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Currency markets, Deposit rates, Exchange rates, Monetary aggregates, Monetary stance\n- Keywords: interest rate channel, lending rate, monetary policy stance, private sector, U.S. dollar, WP\n\nSource: IMF Working Paper \"The Monetary Transmission Mechanism in Egypt\", Working Paper No. 2007/285 (December 1, 2007).\n\n---\n\n Content in this bundle\n\n- wp07285\n  - wp07285 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp07285 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/the-monetary-transmission-mechanism-in-egypt-21505"
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    "Authors: Rania A. Al-Mashat, Andreas Billmeier",
    "Published: December 1, 2007",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451868487.001",
    "Examines the monetary transmission mechanism in Egypt against the background of the central bank's intention to shift to inflation targeting.",
    "Analysis proceeds in two steps:",
    "Exchange rate channel:",
    "Bank lending and asset price channels:",
    "Interest rate channel:",
    "Empirical evaluation based on a VAR model.",
    "Timeframe: analysis references changing transmission channels over \"the last decade\" relative to the study.",
    "Publication details and identifiers:",
    "Authors and date:",
    "Subject: Currency markets, Deposit rates, Exchange rates, Monetary aggregates, Monetary stance",
    "Keywords: interest rate channel, lending rate, monetary policy stance, private sector, U.S. dollar, WP",
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