Financial development and the effectiveness of monetary policy

被引：44

作者：

Ma, Yong ^{[1
]}

Lin, Xingkai ^{[2
]}

机构：

[1] Renmin Univ China, Sch Finance, China Financial Policy Res Ctr, 59 Zhong Guan Cun St, Beijing 100872, Peoples R China

[2] Renmin Univ China, Sch Finance, 59 Zhong Guan Cun St, Beijing 100872, Peoples R China

来源：

JOURNAL OF BANKING & FINANCE | 2016年 / 68卷

基金：

中国国家自然科学基金;

关键词：

Financial development; Monetary policy; Effectiveness; PANEL-DATA; GROWTH; OPENNESS; BANKS; SPECIFICATION; TRANSMISSION; CHANNEL; CREDIT; TESTS;

D O I：

10.1016/j.jbankfin.2016.03.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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. (C) 2016 Elsevier B.V. All rights reserved.

引用

页码：1 / 11

页数：11

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