This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. This paper examines monetary transmission in Jordan using the vector autoregressive approach. We find that the real 3-month CD rate, the Central Bank's operating target, affects bank retail rates and that monetary policy, measured by the spread between the 3-month CD rate and the U.S. Federal Funds rate, is effective in influencing foreign reserves. We do not find evidence of monetary policy affecting output. Output responds very little to changes in bank lending rates. Furthermore, equity prices and the exchange rate are not significant channels for transmitting monetary policy to economic activity. The effect of monetary policy on the stock market seems insignificant. JEL Classification Numbers: O53, E4, E5
This Working Paper should not be reported as representing the views of the IMF.
This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. This paper seeks to understand how interest rates are formed in Lebanon, by focusing on the pass-through from benchmark rates, prevailing liquidity conditions, and the main characteristics of the Lebanese economy, notably its open capital account, fixed exchange rate, high government borrowing requirement, large public debt, and high degree of deposit dollarization. We find that international interest rates are an important element in the determination of interest rates in Lebanon. In particular, the pass-through of global benchmark rates to interest rates on sovereign bonds is about 70 percent. The less-thancomplete pass-through could be attributed to a home-bias effect reflecting a relatively stable and dedicated investor base. The study also shows that interest rates in Lebanon are affected by liquidity conditions as well as perceived sovereign risk.
Digital transformation is increasingly getting imminent in every facet of our life and in our eco-system. Data driven Industry is becoming a house-hold word in the corporate sectors. In the low oil and gas price environment and sharp drop in the cost of installing renewable sources of energy Industry, It has become important and imperative to provide greater focus into stricter cost control in the CAPEX and OPEX of the offshore oil and gas assets/facilities joining the bandwagon of Industry – 4.0 revolution that aims to institutionalize the digital environment adopting emerging technologies such as wireless pervasive sensor, IoT, Big Data, Data Analytics, Machine Learning, Artificial intelligence etc. The Digital Twin is one such technologies that would help manning the Asset very effectively in almost all respects providing myriads of benefits. It was named one of Gartner's Top 10 Strategic Technology Trends for 2017 (Reference –1).
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