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    The monetary transmission mechanism in Sri Lanka 1977-1985. A macro simulation approach to the modelling of the money supply process and the construction of an analytical framework for monetary management.

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    Publication date
    2010-06-22T15:42:34Z
    Author
    Jayamaha, Ranee
    Supervisor
    Wilson, P.R.D.
    Wise, J.
    Keyword
    Monetary transmission mechanism
    Policy formulation
    Income
    Economy
    Aggregates
    Inflation
    Simulation
    Sri Lanka, Economic history 1977-1985
    Rights
    Creative Commons License
    The University of Bradford theses are licenced under a Creative Commons Licence.
    Institution
    University of Bradford
    Department
    Postgraduate School of Studies in Planning
    Awarded
    1989
    
    Metadata
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    Abstract
    The primary objective of this thesis is to analyse the relationship between money and the macro-economy in Sri Lanka between 1977 and 1985, in order to identify the paths through which monetary policy impulses are transmitted over this period. In doing so, - we also hope to highlight the use of macro-simulation as a tool for the analysis of the monetary transmission mechanism and to emphasise the importance of formulating monetary policy within an explicit monetary control framework. This is especially important in Sri Lanka since monetary policy has been a key instrument of demand management since 1977 and historically there has been a noticeable absence of an explicit monetary control framework. Empirical research on the monetary transmission mechanism has been very limited as far as developing countries are concerned. An exception here is the SEACEN (1981) study which simulates the effects of monetary shocks on a number of South East Asian countries, including Sri Lanka, using a flexible monetarist approach. Our research is based upon a revision of the specification of this model for Sri Lanka and a more comprehensive disaggregation of the monetary transmission channels. Our empirical model produces statistical results which are generally acceptable and conform to a Priori expectations. This model is then simulated dynamically, both, to validate the equations in the context of a complete model and to quantify the impact of alternative policy scenarios relating to the monetary transmission mechanism in Sri Lanka. We believe that our results will help to shed light on the nature of the monetary transmission mechanism in developing countries as well as provide the basis for an on-going analysis of monetary management in Sri Lanka.
    URI
    http://hdl.handle.net/10454/4341
    Type
    Thesis
    Qualification name
    PhD
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