Channels of monetary policy transmission in Vietnam

Anwar, Sajid; Nguyen, Lan Phi

doi:10.1016/j.jpolmod.2018.02.004

Cited by 52 publications

(46 citation statements)

References 18 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…In Table 3, the long-run and short-run results show that all variables have positive impact on economic growth except inflation rate. These results are similar to the results obtained for Vietnam (Anwar and Nguyen, 2018), Canada (Champagne and Sekkel, 2018), and Turkey (Varlik and Berument, 2017). Notes.…”

Section: Unit Root Co-integration and Equilibrium Relationshipssupporting

confidence: 88%

Does Monetary Policy Affect Economic Growth in Jordan? Evidence from Ordinary Least Square Models

Mugableh¹

2018

IBR

View full text Add to dashboard Cite

The main objective of this paper is to analyze equilibrium and dynamic causality relationships between monetary policy tools and economic growth in Jordan for the period . For this purpose, it considers the autoregressive distributed lag (ARDL) and vector error correction (VEC) models estimations. The results of ARDL approach show that monetary policy variables (i.e., real interest rate and money supply) have positive impact on economic growth in long-run and short-run except inflation rate. In addition, the results of VECM indicate bidirectional causal relationships between economic growth and monetary policy variables in long-run and short-run.

show abstract

Section: Unit Root Co-integration and Equilibrium Relationshipssupporting

confidence: 88%

Does Monetary Policy Affect Economic Growth in Jordan? Evidence from Ordinary Least Square Models

Mugableh¹

2018

IBR

View full text Add to dashboard Cite

show abstract

“…Similarly, some studies have explored the same phenomenon for the EU countries (Cecchetti, 1999;Ehrmann & Smets, 2003;Kashyap & Stein, 1994;Santis & Surico, 2013). In the same vein, several other empirical studies including Anwar and Nguyend (2018), Auclert (2017), Bernanke, Lown, and Friedman (1991), Gertler and Gilchrist (1993), Jermann (2019) and Wong (2000) also found significant evidence, favouring the credit channel of MPTM.…”

Section: Review Of Empirical Literaturementioning

confidence: 71%

Do Bank Size and Liquidity Position Matter in the Monetary Policy Transmission Mechanism? Evidence from Islamic and Conventional Banks in Pakistan

Rashid¹,

Shah²

2019

J. Islam. bus. manag.

View full text Add to dashboard Cite

An empirical examination of the Tight Monetary Policy (TMP) effects on the financing decisions of banks is of significance for an in-depth understanding of the Credit Channel of Monetary Policy (CCMP). Therefore, this paper aimed at examining the relative role of Islamic and Conventional Banks (CBs) in transmitting the effects of monetary tightening in Pakistan. It also examines whether TMP influences banks' credit expansion differently across bank size and liquidity position. The empirical analysis consists of 11 Islamic Banks (IBs) (5 full-fledged IBs and 6 Islamic branches of CBs) and seventeen CBs with an unbalanced annual bank-level panel dataset covering the period 2005-2016. The results reveal that both types of banks significantly cut their financing in periods of TMP, confirming the existence of the credit channel. The results also indicate that TMP affected IBs less than their conventional peers. The results also provide evidence that large-sized and more-liquid Islamic as well as CBs respond less to the TMP. The findings suggest that the MP authorities may take into consideration the type of banking, bank size, and liquidity position to effectively control credit amounts in the economy.

show abstract

“…Vo and Nguyen (2017) investigate monetary policy transmission in Vietnam with monthly data between January 2003 to December 2012 and find that credit channel is effective while there is no significance evidence for both the exchange rate channel and the asset price channel. Anwar and Nguyen (2018), and Hung and Pfau (2009) also document empirical supporting evidence for credit channel in Vietnam.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 91%

“…These characteristics make policy interest rate ineffective in monetary policy and the State Bank of Vietnam uses money supply as a key instrument of its monetary policy. Many studies find supporting evidence of quantity-based mechanism in Vietnam (Anwar & Nguyen, 2018;Bhattacharya, 2014;Nguyen et al, 2012). Third, many prior studies show that credit channel is the dominant monetary transmission channel in Vietnam (Hung & Pfau, 2009;Nguyen, 2015).…”

Section: Introductionmentioning

confidence: 97%

Monetary Loosening and Dividend Policy: Evidence from Vietnamese Stock Market

Trần

Nguyen

et al. 2019

AAMJ

View full text Add to dashboard Cite

Vietnam is a promising laboratory to examine the effect of monetary loosening policy on corporate dividend decisions due to the following reasons: (1) Vietnamese government conducts monetary loosening policy continuously between 2007 and 2017; (2) the monetary policy relies mainly on money supply; and (3) credit channel is the dominant monetary transmission channel. With a research data including 4,493 observations from 2008 to 2017, we find that both the choice to pay dividends and dividend payout ratio are positively affected by money supply and this effect is mitigated by corporate cash holdings. In addition, money supply is positively related to speed of dividend adjustment.

show abstract

Channels of monetary policy transmission in Vietnam

Cited by 52 publications

References 18 publications

Does Monetary Policy Affect Economic Growth in Jordan? Evidence from Ordinary Least Square Models

Does Monetary Policy Affect Economic Growth in Jordan? Evidence from Ordinary Least Square Models

Do Bank Size and Liquidity Position Matter in the Monetary Policy Transmission Mechanism? Evidence from Islamic and Conventional Banks in Pakistan

Monetary Loosening and Dividend Policy: Evidence from Vietnamese Stock Market

Contact Info

Product

Resources

About