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The impact of interest rate channel on the monetary transmission mechanism in Vietnam

In this article, the research team systematized the theoretical basis of the monetary transmission mechanism and the impact of interest rate channel in monetary transmission mechanism by Mishkin's approach and used the vector error correction model (VECM) to test the impact of interest rate channel in the monetary transmission mechanism in Vietnam in the period 2005 – 2019. | The impact of interest rate channel on the monetary transmission mechanism in Vietnam Accounting 6 2020 569 580 Contents lists available at GrowingScience Accounting homepage www.GrowingScience.com ac ac.html The impact of interest rate channel on the monetary transmission mechanism in Vietnam Thanh Tung Hoanga Van Anh Nguyen Thia Bich Vuong Nguyen Thib and Van Thoi Tranc aUniversityof Labour and Social Affair Vietnam bTrung Vuong University Vietnam cVietnam Trade Union University Vietnam CHRONICLE ABSTRACT Article history In this article the research team systematized the theoretical basis of the monetary transmission Received March 2 2020 mechanism and the impact of interest rate channel in monetary transmission mechanism by Mishkin s Received in revised format March approach and used the vector error correction model VECM to test the impact of interest rate channel 29 2020 in the monetary transmission mechanism in Vietnam in the period 2005 2019. There were 8 Accepted April 8 2020 Available online endogenous variables included in the VECM model namely Consumer price index CPI Gross April 8 2020 domestic product GDP at constant 2010 prices GDPR Money supply M2 Refinancing interest Keywords rate ISBV Average lending interest rate in VND ILR Bilateral real exchange rate ER Credit to Interest rate the economy CRE VN-Index VN-INDEX and 2 exogenous variables world consumer price Interest rate policy index PW and US Federal Reserve interest rate IFED . The results have shown that money supply Monetary transmission had a clearer effect on average lending interest rate than refinancing rate Interest rate channel was an mechanism important channel to transfer the impact of monetary policy on inflation Exchange rate and interest VECM model rates channel influenced economic growth in Vietnam more strongly than credit and financial asset Growth Inflation prices channel did. Besides the model results also confirm that in Vietnam inflation in the past played an important .