Publication:
Monetary Policy, Structural Break, and the Monetary Transmission Mechanism in Thailand

dc.contributor.author Hesse, Heiko
dc.date.accessioned 2012-06-07T15:25:52Z
dc.date.available 2012-06-07T15:25:52Z
dc.date.issued 2007-06
dc.description.abstract The paper studies monetary policy and the monetary transmission mechanism in Thailand in light of the Asian crisis in 1997. Existing studies that adopt structural vector auto-regression (VAR) approaches do not give a clear and agreed-upon view how monetary shocks are transmitted to the Thai economy that is subject to structural breaks. This study explicitly models a pre-crisis and post-crisis cointegrated VAR model. This analysis supports arguments that the trinity of open capital markets, pegged exchange rate regime, and monetary policy autonomy is inconsistent in the pre-crisis period. In contrast, the model points to an effective monetary policy in the post-crisis period. Further, the author analyzes the common driving trends of the model. en
dc.identifier http://documents.worldbank.org/curated/en/2007/06/7694738/monetary-policy-structural-break-monetary-transmission-mechanism-thailand
dc.identifier.uri http://hdl.handle.net/10986/7396
dc.language English
dc.publisher World Bank, Washington, DC
dc.relation.ispartofseries Policy Research Working Paper; No. 4248
dc.rights CC BY 3.0 IGO
dc.rights.holder World Bank
dc.rights.uri http://creativecommons.org/licenses/by/3.0/igo/
dc.subject ACCELERATOR
dc.subject BALANCE SHEET
dc.subject BALANCE SHEETS
dc.subject BANK LENDING
dc.subject BUSINESS CYCLES
dc.subject CAPITAL ACCOUNT
dc.subject CAPITAL MARKETS
dc.subject CENTRAL BANK
dc.subject CONSUMER PRICE INDEX
dc.subject CREDIT CONDITIONS
dc.subject CURRENCY
dc.subject CURRENT ACCOUNT
dc.subject DEMAND DEPOSITS
dc.subject DEVALUATION
dc.subject DOMESTIC COMPANIES
dc.subject DOMESTIC INTEREST RATES
dc.subject DOMESTIC PRICES
dc.subject ECONOMIC BOOM
dc.subject ENDOGENOUS VARIABLES
dc.subject EQUILIBRIUM
dc.subject EXCHANGE RATE
dc.subject EXCHANGE RATE DEPRECIATION
dc.subject EXCHANGE RATE PEG
dc.subject EXCHANGE RATE REGIME
dc.subject EXOGENOUS VARIABLES
dc.subject EXPORTS
dc.subject EXTERNAL SHOCKS
dc.subject FINANCIAL CRISIS
dc.subject FOREIGN CAPITAL
dc.subject FOREIGN COMPETITION
dc.subject FOREIGN DEBT
dc.subject FOREIGN EXCHANGE
dc.subject FOREIGN EXCHANGE RATE
dc.subject FOREIGN INTEREST RATE
dc.subject FOREIGN INTEREST RATES
dc.subject GDP
dc.subject GOVERNMENT DEBT
dc.subject HIGH VOLATILITY
dc.subject HYPOTHESIS TESTING
dc.subject INTEREST RATE POLICY
dc.subject INTEREST RATES
dc.subject INTERNATIONAL FINANCIAL STATISTICS
dc.subject INTERNATIONAL TRADE
dc.subject LIQUIDITY
dc.subject LOAN RATES
dc.subject M1
dc.subject M2
dc.subject MACROECONOMIC FRAMEWORK
dc.subject MACROECONOMIC IMBALANCES
dc.subject MACROECONOMIC VARIABLES
dc.subject MONETARY EXPANSION
dc.subject MONETARY POLICY
dc.subject MONETARY POLICY FRAMEWORK
dc.subject MONETARY POLICY RULE
dc.subject MONETARY SHOCKS
dc.subject MONETARY TARGETING
dc.subject MONETARY TRANSMISSION MECHANISM
dc.subject MONEY BALANCES
dc.subject MONEY DEMAND
dc.subject MONEY MARKET
dc.subject MONEY SUPPLY
dc.subject MORAL HAZARD
dc.subject MORAL HAZARD PROBLEMS
dc.subject MULTIPLE EQUILIBRIA
dc.subject NEUTRALITY OF MONEY
dc.subject NOMINAL ANCHOR
dc.subject NOMINAL EXCHANGE RATE
dc.subject OPEN CAPITAL MARKETS
dc.subject OPEN MARKET OPERATIONS
dc.subject OPPORTUNITY COST
dc.subject OPPORTUNITY COSTS
dc.subject OUTPUT
dc.subject OUTPUT GROWTH
dc.subject PHILLIPS CURVE
dc.subject POLICY RESEARCH
dc.subject POLITICAL INSTABILITY
dc.subject PRIVATE BANKS
dc.subject REAL EXCHANGE
dc.subject REAL EXCHANGE RATE
dc.subject REAL GDP
dc.subject RESERVES
dc.subject RISK PREMIUM
dc.subject SCENARIOS
dc.subject STATISTICAL INFERENCE
dc.subject TAX SYSTEM
dc.subject THAI BAHT
dc.subject TRANSMISSION MECHANISM
dc.subject TRANSMISSION MECHANISMS
dc.subject VALUE ADDED
dc.subject VELOCITY OF MONEY
dc.subject VULNERABILITY
dc.title Monetary Policy, Structural Break, and the Monetary Transmission Mechanism in Thailand en
dspace.entity.type Publication
okr.doctype Publications & Research :: Policy Research Working Paper
okr.doctype Publications & Research
okr.docurl http://documents.worldbank.org/curated/en/2007/06/7694738/monetary-policy-structural-break-monetary-transmission-mechanism-thailand
okr.globalpractice Macroeconomics and Fiscal Management
okr.identifier.doi 10.1596/1813-9450-4248
okr.identifier.externaldocumentum 000016406_20070607103437
okr.identifier.internaldocumentum 7694738
okr.identifier.report WPS4248
okr.language.supported en
okr.pdfurl http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2007/06/07/000016406_20070607103437/Rendered/PDF/wps4248.pdf en
okr.region.administrative East Asia and Pacific
okr.region.country Thailand
okr.topic Economic Theory and Research
okr.topic Macroeconomics and Economic Growth :: Macroeconomic Management
okr.topic Macroeconomics and Economic Growth :: Financial Economics
okr.topic Macroeconomics and Economic Growth :: Economic Stabilization
okr.topic Fiscal and Monetary Policy
okr.unit Development Research Group (DECRG)
okr.volume 1 of 1
relation.isSeriesOfPublication 26e071dc-b0bf-409c-b982-df2970295c87
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