Investigating the Sectoral Effects and Credit Channel in a Small Open Economy

• Main Authors: Ming-Feng Sung, 宋旻芬
• Other Authors: Jui-Chuan Chang
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/5rehh9

碩士 === 國立暨南國際大學 === 經濟學系 === 93 === The main purpose of this study is to investigate the importance of the credit channel in a small open economy. In particular, we distinguish tradable sector from non-tradable sector to investigate whether the strength of credit channel is associated with sectoral asymmetry. In our study, we use VAR (vector autoregressive) model to analyze the impulse response functions and to understand the relative importance between the interest rate channel and the credit channel of the monetary transmissions. To take Taiwan, Korea and Singapore for example, the empirical results find that considering the sectoral asymmetry is contributive to promote the importance of the credit channel. Thus, we conclude that sectoral asymmetry plays a significant role in the monetary transmissions.