TY - BOOK ID - 84542961 TI - Monetary Transmission in Low Income Countries AU - Montiel, Peter. AU - Mishra, Prachi. AU - Spilimbergo, Antonio. PY - 2010 SN - 1462338585 1455275891 1283557096 1455209813 9786613869548 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Monetary policy KW - Money supply KW - Money stock KW - Quantity of money KW - Supply of money KW - Money KW - Demand for money KW - Banks and Banking KW - Investments: General KW - Money and Monetary Policy KW - Finance: General KW - Macroeconomic Analyses of Economic Development KW - Economic Development: Financial Markets KW - Saving and Capital Investment KW - Corporate Finance and Governance KW - Monetary Policy, Central Banking, and the Supply of Money and Credit: General KW - Interest Rates: Determination, Term Structure, and Effects KW - Banks KW - Depository Institutions KW - Micro Finance Institutions KW - Mortgages KW - General Financial Markets: General (includes Measurement and Data) KW - Monetary economics KW - Banking KW - Investment & securities KW - Finance KW - Bank credit KW - Central bank policy rate KW - Government securities KW - Discount rates KW - Financial services KW - Financial institutions KW - Money markets KW - Financial markets KW - Credit KW - Banks and banking KW - Interest rates KW - Discount KW - Money market KW - Namibia UR - https://www.unicat.be/uniCat?func=search&query=sysid:84542961 AB - This paper reviews monetary transmission mechanisms in low-income countries (LICs) to identify aspects of the channels that may operate differently in LICs relative to advanced and emerging economies. Given the weak institutional frameworks, reduced role of securities markets, imperfect competition in the banking sector and the resulting high cost of bank lending to private firms, the traditional channels (interest rate, bank lending, and asset price) are impaired in LICs. The exchange rate channel is also undermined by central bank intervention in the foreign exchange market. These conclusions are supported by review of the institutional frameworks, statistical analysis, and previous literature. ER -