01837cas a2200253 a 4500 AALejournalIMF015621 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513554235 1018-5941 BD-DhAAL BD-DhAAL Bulir, Ales. Monetary Transmission : Are Emerging Market and Low Income Countries Different? / Ales Bulir, Jan Vlcek. Washington, D.C. : International Monetary Fund, 2015. 1 online resource (37 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students We use two alternative representations of the yield curve to test the functioning of the interest rate transmission mechanism along the yield curve based on government paper in a sample of emerging market and low-income countries. We find a robust link from shortterm policy and interbank rates to longer-term bond yields. Two policy implications emerge. First, the presence of well-developed secondary financial markets does not seem to affect transmission of short term rates along the yield curve. Second, the strength of the transmission mechanism seems to be affected by the choice of the monetary regime: countries with a credible inflation targeting regime seem to have 'better behaved' yield curves than those with other monetary regimes. Mode of access: Internet Vlcek, Jan. IMF Working Papers; Working Paper ; No. 2015/239 Full text available on IMF http://elibrary.imf.org/view/journals/001/2015/239/001.2015.issue-239-en.xml IMF e-Library