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|z 9781484328682
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|a 1018-5941
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|a Blotevogel, Robert.
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|a Measuring and Mending Monetary Policy Effectiveness Under Capital Account Restrictions :
|b Lessons from Mauritania /
|c Robert Blotevogel.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2013.
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|a 1 online resource (35 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a I propose a new approach to identifying exogenous monetary policy shocks in low-income countries with capital account restrictions. In the case of Mauritania, a domestic repatriation requirement is the key institutional characteristic that allows me to establish exogeneity. Unlike in advanced countries, I find no evidence for a statistically significant impact of exogenous monetary policy shocks on bank lending. Using a unique bank-level dataset on monthly balance sheets of six Mauritanian banks over the period 2006-11, I estimate structural vector autoregressions and two-stage least square panel models to demonstrate the ineffectiveness of monetary policy. Finally, I discuss how a reduction in banks' loan concentration ratios and improvements in the liquidity management framework could make monetary stimuli more effective.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2013/077
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2013/077/001.2013.issue-077-en.xml
|z IMF e-Library
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