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Tập 17 Số 1 (2015)
Home » Tập 17 Số 1 (2015) » Article Detail
TẬP 17 SỐ 1 (2015) DOI: 10.33301/2015.17.01.02

The Role of Different Channels in Transmitting Monetary Policy into Output and Price in Vietnam

Authors: Nguyen Thi Thuy Vinh

Abstract:

The paper investigates the mechanism of monetary transmission in Vietnam through different channels - namely the interest rate channel, the exchange rate channel, the asset channel and the credit channel for the period January 1995 - October 2009. This study applies VAR analysis to evaluate the monetary transmission mechanisms to output and price level. To compare the relative importance of different channels for transmitting monetary policy, the paper estimates the impulse response functions and variance decompositions of variables. The empirical results show that the changes in money supply have a significant impact on output rather than price in the short run. The impacts of money supply on price and output are stronger through the exchange rate and credit channels, but however, are weaker through the interest rate channel. The impacts of monetary policy on output and inflation may be erroneous through the equity price channel because of the lack of an established and well-functioning stock market.
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Other Articles in this Issue:

  • Non-Performing Loans: Affecting Factor for the Sustainability of Vietnam Commercial Banks

    Authors: Nguyen Thi Minh Hue

  • Audit Quality Differences Among Auditors: The Case of Hong Kong

    Authors: Tyrone M. Carlin, Nigel Finch, Dung Manh Tran

  • Above-Average Debt Ratio and the Relationship with Return on Equity: The Case of the Vietnamese Listed Seafood Enterprises

    Authors: Nguyen Thanh Lan, Phan Hong Mai

  • Using Accounting Ratios in Predicting Financial Distress: An Empirical Investigation in the Vietnam Stock Market

    Authors: Vo Xuan Vinh

  • Using the Spatial Econometric Approach to Analyze Convergence of Labor Productivity at the Provincial Level in Vietnam

    Authors: Nguyen Khac Minh, Pham Anh Tuan, Nguyen Viet Hung

JOURNAL OF ECONOMICS AND DEVELOPMENT - NATIONAL ECONOMICS UNIVERSITY
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ISSN: 1859-0012 (Print) | e-ISSN: 2815-5602 (Online)
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