ABSTRACT

This paper investigates the effectiveness of monetary policy instruments under dollarization in association with economic growth and inflation using 30 countries from 2000 to 2016. The estimation results indicate that first, the monetary aggregates, M2, are more relevant policy instruments while the interest rates including policy rates exhibit overall limited effectiveness under dollarization. Second, the effectiveness of monetary aggregates in association with economic growth is more significant and sizable in the countries with floating exchange rates. Finally, the relevancy of interest rate rules for monetary policies is relatively improved for the de-dollarization countries.

摘要

本文以2000年至2016年30个国家为研究对象，考察了美元化下货币政策工具与经济增长和通货膨胀的关系。估计结果表明，首先，货币总量M2是更相关的政策工具，而利率则包含政策工具。在美元化的情况下，利率总体上表现出有限的有效性。其次，浮动汇率国家货币总量对经济增长的作用更为显着、规模更大。最后，去美元化国家的利率规则与货币政策的相关性相对提高。