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The policy interest-rate pass-through in Central America

Author: Carri�on-Men�endez, Alejandro. ; Stephanie Medina Cas; Alejandro Carrión-Menéndez; Florencia Frantischek; International Monetary Fund. Western Hemisphere Department,
Publisher: [Washington, D.C.] : International Monetary Fund, 2011.
Series: IMF working paper, WP/11/240.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
Several Central American (CADR) central banks with independent monetary policies have adopted policy interest rates as their main instrument to signal their monetary policy stances, often in the context of adopting or transitioning to inflation targeting regimes. This paper finds that the interest-rate transmission mechanism, or the pass-through of the policy rate to market rates, is generally weaker and slower in  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Fund, International Monetary.
Policy Interest-Rate Pass-Through in Central America.
Washington : International Monetary Fund, ©2011
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Carri�on-Men�endez, Alejandro. ; Stephanie Medina Cas; Alejandro Carrión-Menéndez; Florencia Frantischek; International Monetary Fund. Western Hemisphere Department,
ISBN: 1283565986 9781283565981 9781463990787 1463990782 9781463970451 1463970455 9781463923228 1463923228
OCLC Number: 758531621
Notes: Title from PDF title page (IMF, viewed Oct. 25, 2011).
At head of title: Western Hemisphere Department.
"October 2011."
Description: 1 online resource (21 pages) : illustrations.
Contents: Cover Page; Title Page; Copyright Page; Abstract; Contents; I. Introduction; II. Determinants of Interest-Rate Transmission: Literature Review; III. Interest-Rate Transmission in CADR; A. Correlations of the Policy Rate with Market Rates; 1. Monetary and Exchange Rate Frameworks in CADR and LA6; 2. Short and Long-Term Correlations Between Policy Rate and Bank Lending/Deposit Rates; 1. Pass-Through of the Policy Rate to Market Rates in Latin America; 2. CADR + LA6: Policy to Lending Pass-through Cummulative Response Over Time; B. Interest-Rate Transmission: Empirical Evidence. 3. Marginal Effects of Explanatory Variables on the Policy Rate Pass-Through3. Estimation Results; 4. Summary Means and Predicted Pass-Through: 2004-10; IV. Conclusion; 1. Data Information and Sources for Pass-through Estimates and Determinants in Latin America; 2. Pannel Regression Data Sources; 3. Policy-to-Lending Pass-Through Cummulative Response Over Time; 4. Pannel Regression Data Sources; References; Footnotes.
Series Title: IMF working paper, WP/11/240.
Responsibility: Stephanie Medina Cas, Alejandro Carrión-Menéndez, Florencia Frantischek.

Abstract:

Several Central American (CADR) central banks with independent monetary policies have adopted policy interest rates as their main instrument to signal their monetary policy stances, often in the context of adopting or transitioning to inflation targeting regimes. This paper finds that the interest-rate transmission mechanism, or the pass-through of the policy rate to market rates, is generally weaker and slower in CADR than in the LA6, the countries selected as benchmarks. A variety of potential factors behind this finding are examined, including the degrees of financial dollarization, exchange rate flexibility, bank concentration, financial sector development, and fiscal dominance. Through panel data analysis, the study suggests that the transmission mechanism can be strengthened by increasing exchange rate flexibility, and, over time, by adopting measures towards reducing financial dollarization, developing the financial sector, and reducing bank concentration.

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