Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Middle East and Central Asia > Saudi Arabia

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • Money Supply; Credit; Money Multipliers x
Clear All Modify Search
Cover IMF Working Papers
Lost in Transmission? The Effectiveness of Monetary Policy Transmission Channels in the GCC Countries
Mr. Serhan Cevik
and
Ms. Katerina Teksoz
This paper empirically investigates the effectiveness of monetary policy transmission in the Gulf Cooperation Council (GCC) countries using a structural vector autoregressive model. The results indicate that the interest rate and bank lending channels are relatively effective in influencing non-hydrocarbon output and consumer prices, while the exchange rate channel does not appear to play an important role as a monetary transmission mechanism because of the pegged exchange rate regimes. The empirical analysis suggests that policy measures and structural reforms - strengthening financial intermediation and facilitating the development of liquid domestic capital markets - would advance the effectiveness of monetary transmission mechanisms in the GCC countries.
Keywords:
WP; GCC country; interest rate; contractionary monetary policy; Monetary policy transmission; inflation; credit channel; structural VAR; monetary policy shock; exchange rate regime; GCC aggregate; GCC economy; Exchange rates; Exchange rate arrangements; Bank credit; Structural vector autoregression; Monetary transmission mechanism; Global
Cover IMF Working Papers
Recent Credit Stagnation in the Mena Region: What to Expect? What Can Be Done?
Mr. Ralph Chami
,
Mr. Raphael A Espinoza
,
Mr. Adolfo Barajas
, and
Mr. Heiko Hesse
This paper examines the recent credit slowdown among Middle Eastern and North African (MENA) countries from three analytical angles. First, it finds that, similar to other regions and to its past history, a credit boom preceded the current slowdown, and that a protracted period of sluggish growth is likely going forward. Second, it uncovers a key role played by bank funding (deposit growth and external borrowing slowed considerably) but whose effect was frequently dampened by expansionary monetary policy. Third, bank-level fundamentals - capitalization and loan quality - helped to explain differences in credit growth across banks and countries.
Keywords:
WP; bank; credit growth; central bank; Credit boom; deposit; banks balance sheet; credit slowdown; bank soundness argument; GDP ratio; bank capital; lending growth; credit culture; Credit; Credit booms; Bank credit; Financial statements; Oil prices; Global