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Panoeconomicus
2007, vol. 54, br. 3, str. 303-324
jezik rada: engleski
vrsta rada: izvorni naučni članak
objavljeno: 03/12/2007
doi: 10.2298/PAN0703303G
The international transmission of monetary shocks in a dollarized economy: The case of USA and Lebanon
(naslov ne postoji na srpskom)
aGATE (CNRS) + Université Lumière Lyon, France
bUniversité Saint Esprit de Kaslik, Kaslik, Lebanon

e-adresa: goux@gate.cnrs.fr, charbelcordahi@usek.edu.lb

Sažetak

(ne postoji na srpskom)
We show that an American monetary shock wields an influence, though limited, over the Lebanese output in accordance with the literature advances. However, as we are waiting for a stronger transmission of U.S. short-term rates to Lebanese short-term rates, we notice that this transmission is weak in the first year. The result can be explained by the presence of pricing-to-market. After the end of the first year, we find the traditional result where the increase in the American interest rate is transmitted integrally to the Lebanese interest rate. We recognize this phenomenon as the dollarization effect.

Ključne reči

international transmission; monetary shock; interest rate; pricing-to-market; law of one price; purchasing power parity

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