This paper highlights the importance of monetary policy transmission mechanism in Thailand since the 1997 financial crisis and then undertakes an empirical investigation of Thailand monetary policy. This study makes e...This paper highlights the importance of monetary policy transmission mechanism in Thailand since the 1997 financial crisis and then undertakes an empirical investigation of Thailand monetary policy. This study makes effort to address both two aspects of monetary transmission mechanism, namely channels of monetary policy and the effect of monetary policy shocks on key macroeconomic variables. To address these issues, the paper specifies structural vector autoregressive （SVAR） models and estimates them using quarterly data from 1997q3 to 2014q4. The identification schemes used in this paper follow Kim and Roubini and Raghavan, Silvapulle, and Athanasopoulos with some modifications. The overall result is that the identifying restrictions used in the SVAR seem to appropriately identify a monetary policy shock even though the exchange rate puzzle is found. The results show that interest rate and monetary aggregate have played the dominant channels of monetary transmission mechanism in Thailand, while an exchange rate channel is decreasingly significant. In addition, Thailand economy is somewhat exposed to the foreign sector especially for the world price of oil and the U.S. monetary policy. The results also reveal the linkage and influence of U.S. monetary policy on Thailand monetary policy. The empirical findings are then used to provide Bank of Thailand （BOT） with insight into identifying the important monetary policy transmission channels. It would help the BOT to implement an effective monetary policy for achieving price stability through the appropriate monetary channels.展开更多
This article explains the challenges and evolution of climate change governance by linking governance and diplomacy. The challenges of climate change involve not only international competition for new energy but also ...This article explains the challenges and evolution of climate change governance by linking governance and diplomacy. The challenges of climate change involve not only international competition for new energy but also related adjustments of global governance in this area. To be specific, the carbon emission reductions are still problematic, and negotiations surrounding financing mechanisms between developed and developing countries hang in doubt. Furthermore, the attitude of the two sides toward CBDRs(common but differentiated responsibilities and respective capacities) and INDCs(intended nationally determined contributions) is disparate. Finally, this article outlines some diplomatic policies for China's future developmental trend.展开更多
文摘This paper highlights the importance of monetary policy transmission mechanism in Thailand since the 1997 financial crisis and then undertakes an empirical investigation of Thailand monetary policy. This study makes effort to address both two aspects of monetary transmission mechanism, namely channels of monetary policy and the effect of monetary policy shocks on key macroeconomic variables. To address these issues, the paper specifies structural vector autoregressive （SVAR） models and estimates them using quarterly data from 1997q3 to 2014q4. The identification schemes used in this paper follow Kim and Roubini and Raghavan, Silvapulle, and Athanasopoulos with some modifications. The overall result is that the identifying restrictions used in the SVAR seem to appropriately identify a monetary policy shock even though the exchange rate puzzle is found. The results show that interest rate and monetary aggregate have played the dominant channels of monetary transmission mechanism in Thailand, while an exchange rate channel is decreasingly significant. In addition, Thailand economy is somewhat exposed to the foreign sector especially for the world price of oil and the U.S. monetary policy. The results also reveal the linkage and influence of U.S. monetary policy on Thailand monetary policy. The empirical findings are then used to provide Bank of Thailand （BOT） with insight into identifying the important monetary policy transmission channels. It would help the BOT to implement an effective monetary policy for achieving price stability through the appropriate monetary channels.
基金supported by the project of research on key technologies for synthesis problems during climate negotiations under 12FYP organized by Ministry of Science and technology(2012BAC20B02)
文摘This article explains the challenges and evolution of climate change governance by linking governance and diplomacy. The challenges of climate change involve not only international competition for new energy but also related adjustments of global governance in this area. To be specific, the carbon emission reductions are still problematic, and negotiations surrounding financing mechanisms between developed and developing countries hang in doubt. Furthermore, the attitude of the two sides toward CBDRs(common but differentiated responsibilities and respective capacities) and INDCs(intended nationally determined contributions) is disparate. Finally, this article outlines some diplomatic policies for China's future developmental trend.
