Czech Republic: Selected Issues and Statistical Appendix

International Monetary Fund

No 2004/003, IMF Staff Country Reports from International Monetary Fund

Abstract: The analysis is structured around the standard taxonomy of transmission channels. A monetary tightening must limit banks' ability to supply loans by reducing bank reserves/bank credit. The direct interest rate channel is the strongest channel of the monetary policy transmission mechanism (MPTM), but the exchange rate channel is weak. The government has started addressing the institutional impediments constraining credit to domestic enterprises. Joining the European economic and monetary unit will strengthen the pass-through from policy rates to lending rates.

Keywords: ISCR; CR; exchange rate; exchange rate channel; credit market; GDP; interest rate channel; interest rate shock; monetary policy shock; exchange rate shock; Exchange rates; Credit; Bank credit; Nominal effective exchange rate; Vector autoregression; Europe (search for similar items in EconPapers)
Pages: 56
Date: 2004-01-09
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