tailieunhanh - Effects of bank characteristics on transmission of monetary policy through bank lending channel in Vietnam

This paper explores transmission of monetary policy through commercial bank lending channel in Vietnam in 2003-2012 by examining reaction of each bank to changes in monetary policy. | JED January 2014| 49 Effects of Bank Characteristics Effects of Bank Characteristics on Transmission of Monetary Policy Through Bank Lending Channel in Vietnam NGUYỄN PHÚC CẢNH University of Economics HCMC NGUYỄN QUỐC ANH University of Economics HCMC quocanhthuthao@ NGUYỄN HỒNG QUÂN Đại Dương Commercial Bank – Cà Mau Branch quannh@ ARTICLE INFO ABSTRACT Article history: Received: June 27, 2013 Received in revised form Sep. 03, 2013 Accepted: Dec. 31, 2013 Credits from commercial banks influence various economic components, such as investment and consumption of durables and changes in monetary policy and therefore, affect the economy through supply of credits by commercial banks. This paper explores transmission of monetary policy through commercial bank lending channel in Vietnam in 2003-2012 by examining reaction of each bank to changes in monetary policy. Authors use the GMM (generalized method of moments) for panel data gathered from financial statements of commercial banks in 2003-2012. Results show that GMM helps detect the existence of bank lending channel in the transmission mechanism in Vietnam, and bank characteristics relating to equity capital, liquidity assets and risk degrees affect their flexibility when responding to changes in monetary policy in the surveyed period. Keywords: monetary policy, transmission, credit, bank characteristics. 50 | Nguyễn Phúc Cảnh, Nguyễn Quốc Anh & Nguyễn Hồng Quân | 49 - 65 1. INTRODUCTION a. Necessity of the Research: Vietnam’s economy, especially its banking system, faced many difficulties after the 1997 global economic crisis. The SBV had changed from a loose monetary policy in 2000-2005 to a tighter one in 2009-2012. According to the traditional economic theory, the monetary policy affects not only growth of credit but also banks’ risks. On the other hand, reactions by commercial banks to the monetary policy also produce various effects on the .

• Ngân hàng - Tín dụng
• Monetary policy
• Explores transmission
• Bank characteristics
• Examining reaction
• Bank lending
• Fiscal policy
• Environmental degradation
• Role of fiscal policy
• Monetary policy in environmental degradation
• Chính sách tiền tệ
• Lecture notes for Monetary policy
• Traditional models
• Monetary policy models
• Discretionary solution
• Monetary policy implementation
• Macroeconomic stabilization
• Monetary policy and orientations
• SBV monetary policy
• Global economy
• Investigating monetary policy dynamics in Nigeria
• The role of private investment
• Investigating monetary policy dynamics
• Good macroeconomic policies
• The dynamics of monetary policy
• Power of monetary policy
• Monetary policy in fighting
• Long term high inflation
• Based on taylor rule
• Empirical test on impact of monetary policy
• Fiscal policy on Vietnam stock market
• Vietnam stock market
• Utilizing Vector error correction model
• Monetary policy tools
• Monetary policy transmission
• Monetary policy instrument
• International integration
• Vietnam gradually integrates
• Monetary and credit policy
• Conditions of economic instability
• Limiting monetary policy
• Domestic and foreign market
• Monetary security of Ukraine
• Monetary stance
• Ordered probit
• SBV’s monetary policy
• State Bank of Vietnam
• Accounting undergraduate Honors theses
• Essays on monetary policy rules and inflation dynamics
• Monetary policy rules
• The domestic determinants of inflation
• The policy makers’ opportunistic approach
• Inflation accounting and control through monetary policy measures in Nigeria
• Multi regression analysis
• Control through monetary policy measures
• The ordinary least squares estimation techniques
• The principal policy variables
• Operational monetary policy rules
• Interest rate setting
• Adaptive learning
• Optimal policy
• Monetary policy changes
• Market interest rates in greece
• An event study approach
• Central Bank operational procedure
• Market interest rates
• Exchange rate
• Time series
• Monetary policy on the exchange rate
• Sign restriction approaches
• Credit channel
• Transmission channel of monetary policy
• Capital adequacy ratios
• Preferred stocks
• Monetary policy rate
• Financial inclusion
• Inflation rate
• Asia emerging markets
• Management of monetary policy
• Macroeconomic goals
• Macroeconomic policies
• Investment policies
• Trade policies
• Vietnamese stock market’s liquidity
• M2 supply leads
• Financial markets
• Monetary policy effectiveness
• Comprehensive measurement
• Monetary policy rates
• Market rate
• Monetary transmission in Vietnam
• Interest rate
• Bank lending channel in Vietnam
• PhD thesis
• Price channel
• The Structural VAR
• The Nominal Rigidities
• Monetary Policy Shocks
• New Keynesian Theory
• The Monetary Policy
• Lecture Financial markets
• Thị trường tài chính
• Monetary theory