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This paper examines the impact of a monetary policy shock on output, prices, and the nominal effective exchange rate for Kenya using data during 1997–2005. Based on techniques commonly used in the vector autoregression literature, the main results suggest that an exogenous increase in the short-term interest rate tends to be followed by a decline in prices and appreciation in the nominal exchange rate, but has insignificant impact on output. Moreover, the paper finds that variations in the short-term interest rate account for significant fluctuations in the nominal exchange rate and prices, while accounting little for output fluctuations.

Electronic books. -- local. --- Monetary policy -- Kenya -- Econometric models. --- Money supply -- Kenya. --- Banks and Banking --- Econometrics --- Foreign Exchange --- Money and Monetary Policy --- Interest Rates: Determination, Term Structure, and Effects --- Monetary Policy --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Finance --- Monetary economics --- Currency --- Foreign exchange --- Econometrics & economic statistics --- Short term interest rates --- Nominal effective exchange rate --- Monetary transmission mechanism --- Vector autoregression --- Monetary base --- Interest rates --- Monetary policy --- Money supply --- Kenya

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This paper studies Mongolia's experience of growth and recovery during the first decade of its transition to a market-based system and compares it with those of other transition economies. Mongolia, like most other transition economies, experienced a painful, initial "transformational recession" before the economy began to recover, with efficiency gains the main source of growth during the early stages of transition. Mongolia's transition process has been relatively smooth compared with other transition economies, probably reflecting the combined effects of some favorable initial conditions, coupled with the early adoption of appropriate adjustment policies and market-oriented reforms.

Mongolia --- Mongġol --- 몽골 --- Mongol Uls --- Монгол Улс --- Mongġol Ulus --- Mongolie --- Mongolii︠a︡ --- Монголия --- Mongolei --- BNMAU --- БНМАУ --- Bu̇gd Naĭramdakh Mongol Ard Uls --- Bügd Nayramdah Mongol Ard Uls --- MNR --- МНР --- Mongolʹskai︠a︡ narodnai︠a︡ respublika --- Монгольская народная республика --- Meng-ku jen min kung ho kuo --- Menggu ren min gong he guo --- 蒙古人民共和國 --- Meng-ku --- Menggu --- 蒙古 --- Wai Meng-ku --- Mongolische Volksrepublik --- Mongoru Jimmin Kyōwakoku --- Mongol Népköztársaság --- Outer Mongolia --- Mongolia (Outer Mongolia) --- Mongolian People's Republic --- Mongolia (Mongolian People's Republic) --- République populaire de Mongolie --- Bu̇gd Naĭramdakh Mongol Ard Ulsyn --- Mongolian Republic --- Mongoliet --- モンゴル --- Mongoru --- 外蒙古 --- Gaimōko --- 蒙古人民共和国 --- Mōko Jinmin Kyōwakoku --- モンゴル人民共和国 --- Mongoru Jinmin Kyōwakoku --- Inner Mongolia (China) --- Economic policy. --- Economic conditions. --- Bu̇gu̇de Nayiramdaqu Mongġol Arad Ulus --- Mengguguo --- 蒙古国 --- Wai Menggu --- Investments: Stocks --- Macroeconomics --- Production and Operations Management --- Socialist Systems and Transitional Economies: General --- Socialist Systems and Transitional Economies: Performance and Prospects --- Economic Growth and Aggregate Productivity: General --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Accounting --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Macroeconomics: Production --- Labor Economics: General --- Economic growth --- Investment & securities --- Labour --- income economics --- Total factor productivity --- Growth accounting --- Stocks --- Production growth --- Labor --- Financial institutions --- Industrial productivity --- Economic development --- Economic theory --- Labor economics --- Income economics

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Against the backdrop of the rise of global value chains (GVCs), particularly in Asia, this paper documents key developments of GVCs and investigates what factors cause economies to reap greater benefits from GVC participation. Key findings include: first, moving toward a more upstream position in production and raising economic complexity are associated with the country increasing its share of GVC value added. Second, fostering GVC participation and expanding the share of the domestic value added in a value chain require efforts to reduce trade barriers, enhance infrastructure, foster human capital formation, support research and development, and improve institutions.

Production (Economic theory) --- Manufactures --- Tariff --- International trade. --- Ad valorem tariff --- Border taxes --- Customs (Tariff) --- Customs duties --- Duties --- Fees, Import --- Import controls --- Import fees --- Tariff on raw materials --- Commercial policy --- Indirect taxation --- Revenue --- Customs administration --- Favored nation clause --- Non-tariff trade barriers --- Reciprocity (Commerce) --- Manufactured goods --- Manufactured products --- Products --- Products, Manufactured --- Commercial products --- Manufacturing industries --- Microeconomics --- Supply and demand --- Demand (Economic theory) --- Supply-side economics --- External trade --- Foreign commerce --- Foreign trade --- Global commerce --- Global trade --- Trade, International --- World trade --- Commerce --- International economic relations --- Non-traded goods --- Exports and Imports --- Labor --- Taxation --- Industries: Manufacturing --- Globalization --- Trade: General --- Trade Policy --- International Trade Organizations --- Globalization: General --- Industry Studies: Manufacturing: General --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Public finance & taxation --- International economics --- Labour --- income economics --- Global value chains --- Manufacturing --- Tariffs --- Exports --- Human capital --- Economic sectors --- Taxes --- International trade --- China, People's Republic of --- Income economics