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首页> 外文期刊>Journal of Development Economics >What's different about monetary policy transmission in remittance-dependent countries?
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What's different about monetary policy transmission in remittance-dependent countries?

机译：汇款依赖国家的货币政策传输有什么不同？

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Despite welfare and poverty-reducing benefits for recipient households, remittance inflows have been shown to entail macroeconomic challenges; producing Dutch Disease-type effects, reducing the quality of institutions, delaying fiscal adjustment, and having an indeterminate effect on long-run growth. This paper explores an additional challenge, for monetary policy. Although remittances expand bank balance sheets, providing a stable flow of interest-insensitive funding, they tend to increase banks' holdings of liquid assets. This both reduces the need for an interbank market and severs the link between policy rate and banks' marginal cost of funds, thus shutting down a major transmission channel. We develop a stylized model based on asymmetric information and a lack of transparent borrowers and undertake econometric analysis providing evidence that increased remittance inflows are associated with weaker transmission. As independent monetary policy becomes impaired, this result is consistent with earlier findings that recipient countries tend to favor fixed exchange rate regimes.
机译：尽管受援家庭的福利和减少贫困​​利益，但汇款流入已被证明需要宏观经济挑战;生产荷兰病型效果，降低了机构的质量，延缓财政调整，并对长期生长产生了不确定的影响。本文探讨了货币政策的额外挑战。虽然汇款扩大了银行资产负债表，但提供了稳定的兴趣不敏感资金流量，但它们倾向于增加银行的液体资产持股。这两者都减少了对银行间市场的需求，并在政策率和银行之间的资金的边际成本之间的联系，从而关闭了一个主要的传输渠道。我们开发了基于不对称信息的程式化模型，缺乏透明借款人并进行计量计量分析，提供了增加的汇流流入与较弱的传播相关。随着独立货币政策的损害，这一结果与早期调查结果一致，以至于受援国倾向于有利于固定汇率制度。

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