Monetary Transmission Mechanism in Ukraine on its Way to Inflation Targeting Regime Implementation
| Autor: | Mgr. Natalia Shepel |
|---|---|
| Rok: | 2012 - letní |
| Vedoucí: | prof. Roman Horváth Ph.D. |
| Konzultant: | |
| Typ práce: | Diplomová Finance, finanční trhy a bankovnictví |
| Jazyk: | Anglicky |
| Stránky: | 57 |
| Ocenění: | |
| Odkaz: | |
| Abstrakt: | This thesis investigates the role of the exchange rate and interest rate channels in the monetary transmission mechanism in Ukraine. The responses on the domestic as well as Russian economy shocks are estimated using the Vector Autoregression Model with block-exogeneity restriction. Monetary transmission did not prove to be strongly e ective via neither of the estimated channels, although the exchange rate channel demonstrates the results which are more in line with the economic theory. In addition, the exchange rate channel shows the higher and more signi cant pass through. Further, we estimate the importance of the shocks of both home and foreign economies for the domestic variables deviations using variance decomposition technique. The relevance of the Russian shocks in uctuations of home variables is found out. The current estimation of the transmission mechanism is relevant due to the planned in ation targeting regime implementation in Ukraine which requires understanding of that processes in the economy. |
| Ke stažení: | DP Shepel |
