TY - BOOK ID - 84658512 TI - Measuring and Mending Monetary Policy Effectiveness Under Capital Account Restrictions : Lessons from Mauritania AU - Blotevogel, Robert. AU - International Monetary Fund. PY - 2013 SN - 1484378571 1484392116 1484332857 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Monetary policy KW - Capital KW - Capital investments KW - Monetary management KW - Economic policy KW - Currency boards KW - Money supply KW - Accounting. KW - Accounting KW - Banks and Banking KW - Exports and Imports KW - Money and Monetary Policy KW - Agribusiness KW - Industries: Financial Services 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 - Banks KW - Depository Institutions KW - Micro Finance Institutions KW - Mortgages KW - Agricultural Markets and Marketing KW - Cooperatives KW - Trade: General KW - Monetary economics KW - Banking KW - Agriculture, agribusiness & food production industries KW - International economics KW - Finance KW - Bank credit KW - Credit KW - Agroindustries KW - Exports KW - Money KW - Economic sectors KW - International trade KW - Loans KW - Financial institutions KW - Banks and banking KW - Agricultural industries KW - Mauritania, Islamic Republic of UR - https://www.unicat.be/uniCat?func=search&query=sysid:84658512 AB - I propose a new approach to identifying exogenous monetary policy shocks in low-income countries with capital account restrictions. In the case of Mauritania, a domestic repatriation requirement is the key institutional characteristic that allows me to establish exogeneity. Unlike in advanced countries, I find no evidence for a statistically significant impact of exogenous monetary policy shocks on bank lending. Using a unique bank-level dataset on monthly balance sheets of six Mauritanian banks over the period 2006–11, I estimate structural vector autoregressions and two-stage least square panel models to demonstrate the ineffectiveness of monetary policy. Finally, I discuss how a reduction in banks’ loan concentration ratios and improvements in the liquidity management framework could make monetary stimuli more effective. ER -