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Monetary Transmission Mechanisms: The Credit versus the Interest Rate Channel

In: Inflation Targeting in MENA Countries

Author

Listed:
  • Adel Boughrara
  • Samir Ghazouani

Abstract

A critical element of the monetary policy process is knowledge of the quantitative effects of policy actions. In recent years, much attention in the literature devoted to developed countries has been given to the role of credit markets, especially the role of banks (Kashyap et al., 1993; Kashyap and Stein, 1994). Moreover, the theoretical literature has been developed on the basis of recent developments in financial contracts under asymmetrical information, and empirical research has increasingly included financial variables in the analysis of the effectiveness of monetary policy, especially bank lending.

Suggested Citation

  • Adel Boughrara & Samir Ghazouani, 2011. "Monetary Transmission Mechanisms: The Credit versus the Interest Rate Channel," Palgrave Macmillan Books, in: Mongi Boughzala & David Cobham (ed.), Inflation Targeting in MENA Countries, chapter 6, pages 132-167, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-31656-0_6
    DOI: 10.1057/9780230316560_6
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    Cited by:

    1. Ghosh, Saibal, 2017. "Does central bank governors term in office matter for macroprudential policies? Evidence from MENA banks," Research in International Business and Finance, Elsevier, vol. 40(C), pages 34-51.

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