인도·남아시아
연구정보
[경제] Monetary Policy Communication and Financial Markets in India
인도 국외연구자료 연구보고서 - IMF 발간일 : 2022-10-28 등록일 : 2022-10-30 원문링크
Forward-looking monetary policy communication has become a key element of flexible inflation-targeting regimes across advanced and emerging market economies. The Reserve Bank of India’s implementation of a flexible inflation targeting framework since 2016 has been supported by a broad set of communication tools, more recently aided by policy innovations such as forward guidance on policy rates and, asset purchases, increasing the predictability of monetary policy. A review of the recent innovations of monetary policy communications during the initial waves of the pandemic suggests forward guidance likely played a key role in moderating uncertainty and supporting some asset prices. We also find that the relationship between monetary policy surprises and yields for government and corporate securities across all maturities are positive and statistically significant. The results support an important role for monetary policy communication in guiding market expectations about the monetary policy stance, including the likely path of policy interest rates.
본 페이지에 등재된 자료는 운영기관(KIEP) 및 AIF의 공식적인 입장을 대변하고 있지 않습니다.
| 이전글 | [환경] Nepal: Earthquake Emergency Assistance Project | 2022-10-30 |
|---|---|---|
| 다음글 | [경제] 인도 국가신용도 평가리포트(2022년 8월) | 2022-10-30 |