Abstract
A critical element of the monetary policy process is knowledge of the quantitative effects of policy actions. In recent years, much attention in the literature devoted to developed countries has been given to the role of credit markets, especially the role of banks (Kashyap et al., 1993; Kashyap and Stein, 1994). Moreover, the theoretical literature has been developed on the basis of recent developments in financial contracts under asymmetrical information, and empirical research has increasingly included financial variables in the analysis of the effectiveness of monetary policy, especially bank lending.
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© 2011 Adel Boughrara and Samir Ghazouani
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Boughrara, A., Ghazouani, S. (2011). Monetary Transmission Mechanisms: The Credit versus the Interest Rate Channel. In: Boughzala, M., Cobham, D. (eds) Inflation Targeting in MENA Countries. Palgrave Macmillan, London. https://doi.org/10.1057/9780230316560_6
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DOI: https://doi.org/10.1057/9780230316560_6
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