The Impacts of Monetary Policy Transmission Mechanism on Thai Economy
Waroonyupa Aiemjoy and Santiya Eag-ark
This study highlights on the analysis of Thailand monetary policy transmission mechanism in various channels, i.e. interest rate, credit, exchange rate, expectation, and asset price channels, by comparing their impacts on private consumption and private investment. The analytical methods are the unit root test, vector autoregressive (VAR) and impulse response function. The results show that the asset price channel had the greatest impact on private consumption; the interest rate channel had the greatest impact on private investment; and all channels had a greater impact on private investment than on private consumption.
Keywords: monetary policy, private consumption, private investment
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