Impacts of the monetary policy on the exchange rate: case study of Vietnam
Purpose The purpose of this paper is to evaluate and analyze impacts of the monetary policy (MP) – money aggregate and interest rate – on the exchange rate in Vietnam. Design/methodology/approach The study uses data over the period...
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University of Economics Ho Chi Minh City
2023
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| Truy cập trực tuyến: | https://www.emerald.com/insight/content/doi/10.1108/JABES-11-2018-0093/full/html https://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/115581 |
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oai:scholar.dlu.edu.vn:DLU123456789-1155812023-03-08T04:10:12Z Impacts of the monetary policy on the exchange rate: case study of Vietnam Pham, Van Anh Purpose The purpose of this paper is to evaluate and analyze impacts of the monetary policy (MP) – money aggregate and interest rate – on the exchange rate in Vietnam. Design/methodology/approach The study uses data over the period of 2008–2018 and applies the vector autoregression model, namely recursive restriction and sign restriction approaches. Findings The main empirical findings are as follows: a contraction of the money aggregate significantly leads to the real effective exchange rate (REER) depreciating and then appreciating; a tightening of the interest rate immediately causes the REER appreciating and then depreciating; and both the money aggregate and the interest rate strongly determine fluctuations of the REER. Originality/value The quantitative results imply that the MP affects the REER considerably. 2023-03-08T04:10:12Z 2023-03-08T04:10:12Z 2019 Article 2515-964X https://www.emerald.com/insight/content/doi/10.1108/JABES-11-2018-0093/full/html https://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/115581 10.1108/JABES-11-2018-0093 en Journal of Asian Business and Economic Studies, Volume 26, Issue 2; p. 220-237 application/pdf University of Economics Ho Chi Minh City |
| institution |
Thư viện Trường Đại học Đà Lạt |
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Thư viện số |
| language |
English |
| description |
Purpose The purpose of this paper is to evaluate and analyze impacts of the monetary policy (MP) – money aggregate and interest rate – on the exchange rate in Vietnam. Design/methodology/approach The study uses data over the period of 2008–2018 and applies the vector autoregression model, namely recursive restriction and sign restriction approaches. Findings The main empirical findings are as follows: a contraction of the money aggregate significantly leads to the real effective exchange rate (REER) depreciating and then appreciating; a tightening of the interest rate immediately causes the REER appreciating and then depreciating; and both the money aggregate and the interest rate strongly determine fluctuations of the REER. Originality/value The quantitative results imply that the MP affects the REER considerably. |
| format |
Article |
| author |
Pham, Van Anh |
| spellingShingle |
Pham, Van Anh Impacts of the monetary policy on the exchange rate: case study of Vietnam |
| author_facet |
Pham, Van Anh |
| author_sort |
Pham, Van Anh |
| title |
Impacts of the monetary policy on the exchange rate: case study of Vietnam |
| title_short |
Impacts of the monetary policy on the exchange rate: case study of Vietnam |
| title_full |
Impacts of the monetary policy on the exchange rate: case study of Vietnam |
| title_fullStr |
Impacts of the monetary policy on the exchange rate: case study of Vietnam |
| title_full_unstemmed |
Impacts of the monetary policy on the exchange rate: case study of Vietnam |
| title_sort |
impacts of the monetary policy on the exchange rate: case study of vietnam |
| publisher |
University of Economics Ho Chi Minh City |
| publishDate |
2023 |
| url |
https://www.emerald.com/insight/content/doi/10.1108/JABES-11-2018-0093/full/html https://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/115581 |
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1819816688250519552 |