Participants of the meeting "Transmission mechanisms for monetary policy in emerging market economies"

15 January 2008

Papers in this volume were prepared for a meeting of senior officials from central banks held
at the Bank for International Settlements in December 2006. The views expressed are those
of the authors and do not necessarily reflect the views of the BIS or the central banks
represented at the meeting. Individual papers (or excerpts thereof) may be reproduced or
translated with the authorisation of the authors concerned.


  Page
Participants in the meeting iii
 
BIS background papers  
Monetary policy transmission in emerging market economies: what is new?
M S Mohanty and Philip Turner
1
Monetary policy transmission and the long-term interest rate in emerging markets
Ramon Moreno
61
Capital flows, exchange rate regime and monetary policy
Sweta C Saxena
81
Exchange rate pass-through in emerging market economies: what has changed and why?
Dubravko Mihaljek and Marc Klau
103
 
Contributed papers
Transmission mechanisms for monetary policy in emerging market economies: what is new?
Miguel Angel Pesce
131
Brazil: taming inflation expectations
Afonso S Bevilaqua, Mário Mesquita and André Minella
139
The "great moderation" and the monetary transmission mechanism in Chile
Cristina Betancour, José De Gregorio and Juan Pablo Medina
159
The monetary policy transmission mechanism in China
Yi Gang
179
The transmission mechanism of monetary policy in Colombia: major changes and current features
Hernando Vargas
183
Notes on the monetary transmission mechanism in the Czech economy
Luděk Niedermayer
213
The housing market channel of the monetary transmission mechanism in Hong Kong
Hong Kong Monetary Authority
221
The Hungarian monetary transmission mechanism: an assessment
Balázs Vonnák
235
Monetary policy transmission in India
Rakesh Mohan
259
The transmission mechanisms of monetary policy in Indonesia
Moranda S Goeltom
309
Exchange rate pass-through implications for monetary policy: the Israeli case
Zvi Eckstein and Yoav Soffer
333
The monetary transmission mechanism in Malaysia: current developments and issues
Ooi Sang Kuang
345
The monetary transmission mechanism in Mexico: recent developments
José J Sidaoui and Manuel Ramos-Francia
363
The monetary policy transmission mechanism under financial dollarisation: the case of Peru 1996-2006
Renzo Rossini and marco Vega
395
Transmission mechanism of monetary policy in the Philippines
Diwa C Guinigundo
413
The monetary transmission mechanism in Poland
Jerzy Pruski and Piotr Szpunar
427
Monetary policy transmission mechanism in Saudi Arabia
Muhammad Al-Jasser and Ahmed Banafe
439
The anchoring of inflation expectations in Singapore
Khor Hoe Ee and Saktiandi Supaat
443
Changes in the monetary transmission mechanism in Thailand
Monetary Policy Department Bank of Thailand
451
The monetary transmission mechanism in Turkey: new developments
Erdem Başçı, Özgür Özel and Çağrı Sarıkaya
475
The differential impact of real interest rates and credit availability
Omar A Mendoza Lugo
501