FINANCIAL DEVELOPMENT EFFECTS ON MONETARY POLICY EFFICIENCY IN DEVELOPED AND DEVELOPING COUNTRIES

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JAHANGARD ESFANDYAR; ALI ASGARI SARA

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Journal: JOURNAL OF ECONOMIC MODELING RESEARCH Year:2011 | Volume:- | Issue:4 Page(s): 147-169

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Title

FINANCIAL DEVELOPMENT EFFECTS ON MONETARY POLICY EFFICIENCY IN DEVELOPED AND DEVELOPING COUNTRIES

Author(s)

JAHANGARD ESFANDYAR | ALI ASGARI SARA | Issue Writer Certificate

Keywords

FINANCIAL DEVELOPMENTQ2

MONETARY POLICY EFFICIENCYQ1

GENERALIZED METHOD OF MOMENTS (GMM)Q2

DEVELOPED AND DEVELOPING COUNTRIESQ2

Abstract

Macroeconomic performance has improved in many countries in the world in the last fifteen years or so. Much of the literature has concentrated on how central bank independence, inflation targeting regimes, and currency unions have contributed to improving the effectiveness of monetary policy and hence macroeconomic performance. Since the financial system is a key component of the monetary transmission mechanism, we study how a country's FINANCIAL DEVELOPMENT affects MONETARY POLICY EFFICIENCY in 28 DEVELOPED AND DEVELOPING COUNTRIES within 1995-2006. Specifically, our objective is to derive MONETARY POLICY EFFICIENCY measures (PEMs)-derivative from Krause and Rioja- for 28 DEVELOPED AND DEVELOPING COUNTRIES and analyze the impact that the size and depth of the banking sector and the capital sector have on policy performance. In our empirical analysis we use three FINANCIAL DEVELOPMENT measures: private credit, liquid liabilities, and a financial aggregate index that comprises banking and stock market measures. The Results of model estimation with generalized method of moments (GMM) technique, shows that FINANCIAL DEVELOPMENT with mentioned indicators has a positive and significant effect on MONETARY POLICY EFFICIENCY. Also supervision in central bank independency and inflation targeting regimes-as control variables-has positive and significant effect on MONETARY POLICY EFFICIENCY. This result doesn't make a difference whether the country is developed or developing and in the both of them more developed financial markets, controlling the central bank independency and applying inflation targeting regimes, significantly help to achieve a more efficient monetary policy.

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APA: Copy

JAHANGARD, ESFANDYAR, & ALI ASGARI, SARA. (2011). FINANCIAL DEVELOPMENT EFFECTS ON MONETARY POLICY EFFICIENCY IN DEVELOPED AND DEVELOPING COUNTRIES. JOURNAL OF ECONOMIC MODELING RESEARCH, -(4), 147-169. SID. https://sid.ir/paper/208830/en

Vancouver: Copy

JAHANGARD ESFANDYAR, ALI ASGARI SARA. FINANCIAL DEVELOPMENT EFFECTS ON MONETARY POLICY EFFICIENCY IN DEVELOPED AND DEVELOPING COUNTRIES. JOURNAL OF ECONOMIC MODELING RESEARCH[Internet]. 2011;-(4):147-169. Available from: https://sid.ir/paper/208830/en

IEEE: Copy

ESFANDYAR JAHANGARD, and SARA ALI ASGARI, “FINANCIAL DEVELOPMENT EFFECTS ON MONETARY POLICY EFFICIENCY IN DEVELOPED AND DEVELOPING COUNTRIES,” JOURNAL OF ECONOMIC MODELING RESEARCH, vol. -, no. 4, pp. 147–169, 2011, [Online]. Available: https://sid.ir/paper/208830/en

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