Global factors harming domestic policy transmission in Asia, IMF research finds
Central banks may be losing control over domestic rates
Global factors may be hampering the domestic credit channel of monetary policy in Asia, according to a working paper published on September 28 by the IMF.
In Monetary Policy Transmission in Emerging Asia: The Role of Banks and the Effects of Financial Globalization, authors Nasha Ananchotikul and Dulani Seneviratne dig into the factors driving banks' heterogeneous responses to changes in monetary policy.
They find both the prevalence of foreign banks and rising financial globalisation have
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