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Financial development and the effectiveness of monetary policy

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  • Ma, Yong
  • Lin, Xingkai

Abstract

This paper investigates the relationship between financial development and the effectiveness of monetary policy using panel data from 41 economies. The results show that the effects of monetary policy on output and inflation are significantly and negatively correlated with financial development, indicating that the effectiveness of monetary policy declines as the financial system becomes more developed. This finding is robust across all the different specifications and estimation methods examined. Our paper provides new evidence and insights to the long-standing debate on the relationship between financial development and the effectiveness of monetary policy.

Suggested Citation

  • Ma, Yong & Lin, Xingkai, 2016. "Financial development and the effectiveness of monetary policy," Journal of Banking & Finance, Elsevier, vol. 68(C), pages 1-11.
    • Handle: RePEc:eee:jbfina:v:68:y:2016:i:c:p:1-11
    DOI: 10.1016/j.jbankfin.2016.03.002
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    More about this item

    Keywords

    Financial development; Monetary policy; Effectiveness;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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