Monetary Transmission Mechanisms:The Case of Azerbaijan

Shahriyar Mukhtarov (), Hasan Selcuk and Elvin Mammadov
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Hasan Selcuk: Marmara Universitesi, Bankacılık ve Sigortacılık Enstitusu, Bankacılık Anabilim Dalı Istanbul, Turkiye
Elvin Mammadov: Qafqaz Universitesi, IIBF, Maliye Bolumu, BakU, Azerbaycan.

International Journal of Research in Business and Social Science (2147-4478), 2016, vol. 5, issue 2, 16-33

Abstract: The aim of this study is to investigate impacts of monetary policy transmission mechanisms on production and prices in theoritical way and to test functioning of monetary transmission channels in Azerbaijan economy. In this article, vector error correction model (VECM) is employed for short and long run relationships in the period of 2001:4-2014:3. Results reveal that, both interest and credit channels are important, with a bit precedence of credit channel in comparison for Azerbaijan economy. Key Words: Monetary Policy, Transmissin Mechanism, Central Banks, VECM, Azerbaijan

Date: 2016
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