| Description |
1 online resource (35 pages) : color illustrations |
| Series |
IMF working paper ; WP/13/77 |
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IMF working paper ; WP/13/77.
|
| Contents |
Cover; Contents; I. Introduction; II. Overview of Recent Developments in Bank Lending; III. Indentifying Exogenous Shocks in Mauritania's Monetary Policy Framework; A. The monetary policy framework; B. The monetary policy stance and economic developments; C. Exogenous monetary policy shocks; IV. Empirical Results; A. Data; B. Vector autoregressions; C. 2SLS panels with fixed effects; V. Policy Considerations; A. Loan concentration; B. Liquidity management framework; VI. Conclusion; References; Tables; 1. Granger Causality Tests; 2. Private-sector Creditor Using Reserves |
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3. Government Credit Using Reserves4. Short-term Trade Finance Credit Using Reserves; 5. Private-sector Credit Using Free Reserves; 6. Government Credit Using Free Reserves; 7. Short-term Trade Finance Credit Using Free Reserves; Figures; 1. Private-sector Credit: Structural Impulse Response Functions; 2. Government Credit: Structural Impulse Response Functions; 3. Short-term Trade Finance Credit: Structural Impulse Response Functions |
| Summary |
"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"--Abstract |
| Notes |
Title from PDF title page (IMF Web site, viewed Apr. 2, 2013) |
|
"Middle East and Central Asia Department"--Page 2 of pdf |
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"March 2013"--Page 2 of pdf |
| Bibliography |
Includes bibliographical references (pages 22-25) |
| Subject |
Monetary policy -- Mauritania
|
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Bank liquidity -- Mauritania
|
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Finance -- Mauritania
|
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Bank liquidity
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Finance
|
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Monetary policy
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Mauritania
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| Form |
Electronic book
|
| Author |
International Monetary Fund. Middle East and Central Asia Department, issuing body.
|
| ISBN |
9781484392119 |
|
1484392116 |
|
148432868X |
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9781484328682 |
|
1484332857 |
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9781484332856 |
|
