The performance of monetary policy : a comparison between civil-law and common-law countries
The objective of this paper is to compare the effectiveness of monetary policy between civillaw countries and common-law countries by investigating the impulse response of monetary policy actions on the level of output. This is to determine whether countries of common-law origin are less sensitive t...
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| Format: | Article |
| Language: | English English |
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Faculty of Management and Human Resource Developemant
2007
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| Online Access: | http://eprints.utm.my/8137/ http://eprints.utm.my/8137/1/ZukarnainZakaria2007_ThePerformanceofMonetaryPolicy.pdf http://eprints.utm.my/8137/2/24-bil-09-jun-2007.html |
| _version_ | 1848891624119074816 |
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| author | Zakaria, Zukarnain |
| author_facet | Zakaria, Zukarnain |
| author_sort | Zakaria, Zukarnain |
| building | UTeM Institutional Repository |
| collection | Online Access |
| description | The objective of this paper is to compare the effectiveness of monetary policy between civillaw countries and common-law countries by investigating the impulse response of monetary policy actions on the level of output. This is to determine whether countries of common-law origin are less sensitive to monetary policy actions compared with civil-law countries. Theoretically, we expected that monetary policy is more effective in civil-law countries where their financial structures are more bank-based as compared to common-law countries where their financial structures are more market-based. The impulse response functions were generated through the estimation of first-differences VAR consisting of five variables. The findings show the impact of monetary policy is relatively stronger, responds more quickly and long lasting in civil-law countries compared with common-law countries. |
| first_indexed | 2025-11-15T21:00:55Z |
| format | Article |
| id | utm-8137 |
| institution | Universiti Teknologi Malaysia |
| institution_category | Local University |
| language | English English |
| last_indexed | 2025-11-15T21:00:55Z |
| publishDate | 2007 |
| publisher | Faculty of Management and Human Resource Developemant |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | utm-81372014-01-02T04:05:42Z http://eprints.utm.my/8137/ The performance of monetary policy : a comparison between civil-law and common-law countries Zakaria, Zukarnain K Law (General) The objective of this paper is to compare the effectiveness of monetary policy between civillaw countries and common-law countries by investigating the impulse response of monetary policy actions on the level of output. This is to determine whether countries of common-law origin are less sensitive to monetary policy actions compared with civil-law countries. Theoretically, we expected that monetary policy is more effective in civil-law countries where their financial structures are more bank-based as compared to common-law countries where their financial structures are more market-based. The impulse response functions were generated through the estimation of first-differences VAR consisting of five variables. The findings show the impact of monetary policy is relatively stronger, responds more quickly and long lasting in civil-law countries compared with common-law countries. Faculty of Management and Human Resource Developemant 2007-06 Article PeerReviewed application/pdf en http://eprints.utm.my/8137/1/ZukarnainZakaria2007_ThePerformanceofMonetaryPolicy.pdf text/html en http://eprints.utm.my/8137/2/24-bil-09-jun-2007.html Zakaria, Zukarnain (2007) The performance of monetary policy : a comparison between civil-law and common-law countries. Jurnal Kemanusiaan (9). pp. 7-24. ISSN 1675-1930 |
| spellingShingle | K Law (General) Zakaria, Zukarnain The performance of monetary policy : a comparison between civil-law and common-law countries |
| title | The performance of monetary policy : a comparison between civil-law and common-law countries
|
| title_full | The performance of monetary policy : a comparison between civil-law and common-law countries
|
| title_fullStr | The performance of monetary policy : a comparison between civil-law and common-law countries
|
| title_full_unstemmed | The performance of monetary policy : a comparison between civil-law and common-law countries
|
| title_short | The performance of monetary policy : a comparison between civil-law and common-law countries
|
| title_sort | performance of monetary policy : a comparison between civil-law and common-law countries |
| topic | K Law (General) |
| url | http://eprints.utm.my/8137/ http://eprints.utm.my/8137/1/ZukarnainZakaria2007_ThePerformanceofMonetaryPolicy.pdf http://eprints.utm.my/8137/2/24-bil-09-jun-2007.html |