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This is a Quantitative Study study.

October 3, 2025

An Analysis of the Monetary Transmission Mechanism in East Asia

Key Points

Tighter monetary policy leads to a greater impact on fixed capital investment than on private consumption, suggesting strategic investment focus.
Analysis shows that the primary influence is on private durable consumption and equipment investment, highlighting key consumer segments.
Findings indicate long-term effects from the 1997 tightening, particularly a decline in domestic private borrowing and investment in select countries.
Exploring three countries provides insights into the monetary transmission mechanism, crucial for understanding economic dynamics in East Asia.

Abstract

This article makes an attempt to uncover and explain the linkages between monetary policy and growth, using the cases of South Korea, the Philippines and Thailand with short-term interest rates as main indicator. It seems that, with the results from the three countries taken together, tighter monetary policy has a larger impact on fixed capital investment than on private consumption, and within the latter, the greatest effect on private durable consumption and equipment investment. However, the author also points to longer-term implications from the 1997 tightening which can be seen in a lack of resurgence in domestic private borrowing and investment in some countries.

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Cite This Study

Tony Fu‐Lai Yu (Tue,) studied this question.

synapsesocial.com/papers/68e03509f0e39f13e7fa4168 https://doi.org/https://doi.org/10.62986/pjd2003.30.2d

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