Journal articles: 'Monetary policy Vietnam'

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Thanh, Tu Tran Thi, Linh Pham Thuy, Tiep Nguyen Anh, Thuy Do Thi, and Tho Thi Hoai Truong. "Empirical Test on Impact of Monetary Policy and Fiscal Policy on Vietnam Stock Market." International Journal of Financial Research 8, no. 2 (February 28, 2017): 135. http://dx.doi.org/10.5430/ijfr.v8n2p135.

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This research evaluates impact of monetary policy tools and fiscal policies on Vietnam’s stock market, as well as examines interaction between these two policies with the Vietnam stock price index. Utilizing Vector error correction model (VECM), with 9 variables and data monthly statistics from January 2002 to October 2015, this study confirms that there are links between monetary policy, fiscal policy with Vietnam's stock market. In addition, Vietnam’s stock market is also affected by exogenous factors, namely the world oil prices and the S&P500 index, especially when Vietnam's economy is opening up and integrated with the global economy.

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Tai Nguyen, Trong, Thuy Duong Phan, and Ngoc Anh Tran. "Impact of fiscal and monetary policy on inflation in Vietnam." Investment Management and Financial Innovations 19, no. 1 (March 1, 2022): 201–9. http://dx.doi.org/10.21511/imfi.19(1).2022.15.

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High and sustainable growth of gross domestic product with stable inflation is one of the objectives of the most macroeconomic policies both in the world and in Vietnam. Therefore, price stability plays a vital role in assuring GDP growth. In order to stabilize prices, fiscal and monetary policies need to be appropriately managed. The aim of this study is to assess the impact of the monetary and fiscal policies on inflation in Vietnam during the period from 1997 to 2020. This study has applied the vector autoregression (VAR) model along with data gathered from the World Bank and General Statistics Office of Vietnam. The research results indicate that Vietnam’s inflation is positively influenced by a fiscal deficit (2.943), money supply (2.672), government expenditure (8.347), and interest rate (3.187). Among the factors, government expenditure has the biggest influence on inflation. Besides, trade openness (–0.311) also influences inflation, but the effect is negative and negligible. Finally, the policy implications are focused on coordinating fiscal and monetary policies maintaining a moderate level of inflation for economic growth. AcknowledgmentThis article is funded from the funding source of the research: “Solutions to deal with the risk of financial instability from support packages to fight economic recession caused by the covid-19 pandemic” with code B2022-MHN-02 by Vietnam Misnistry of Education and Training.

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Anwar, Sajid, and Lan Phi Nguyen. "Channels of monetary policy transmission in Vietnam." Journal of Policy Modeling 40, no. 4 (July 2018): 709–29. http://dx.doi.org/10.1016/j.jpolmod.2018.02.004.

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Truong, Bac Cong, Phan Quan Viet, Vu Thi Kim Hanh, Ho Thi Phuong Thao, Le Huong Duong, and Nguyen Ho Viet Anh. "Highlights in Managing Monetary Policy of Vietnam in Post-Crisis Period." Journal of Asian Development 6, no. 1 (February 9, 2020): 1. http://dx.doi.org/10.5296/jad.v6i1.16162.

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This paper focuses on assessing highlights in the managing monetary policy in post-crisis period from 2011 to present in Vietnam in order to identifies key messages which helped Vietnam overcome the financial crisis 2007-2008 and keep the growth rate stably at high level, to be one of highest growth rate in the world. The research used aggregated methods, descriptive statistics and analysis based on World Bank, International Monetary Fund, Central Bank of Vietnam data sources. The results shown that the monetary policy in Vietnam in this period had a flexible transition in its management objectives, coordinated in close with fiscal policy to achieve macro goals, besides changing the regulatory mechanism by volume to operating with interest rates and combined with other operating tools more diverse.

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Nguyen, Thanh Nhan, Ngoc Huong Vu, and Ha Thu Le. "Impacts of Monetary Policy on Commercial Banks’ Profits: The Case of Vietnam." Asian Social Science 13, no. 8 (July 24, 2017): 32. http://dx.doi.org/10.5539/ass.v13n8p32.

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This paper mainly concentrates on examining the impact of monetary policy on commercial banks’ profit in Vietnam by using panel data regression. In our study, the data is collected from 20 commercial banks which were doing business in Vietnam’s banking market, ranging from 2007 to 2014 in annually frequency. Monetary base (MB), discount rate (DIS) and required reserve ratio (RRR) are used as proxies for monetary policy. Profit before tax (PROFIT) is used to represent commercial banks’ performance. The results show that there is a positive relationship between banks’ profits and monetary policies. Among those chosen variables representing SBV’s monetary policy, only MB has a significant positive impact on bank’s profit at the significance level of 10%. On this premise, the study recommends that MB should be one of the variables in the center of being concerned in the SBV’s policies regarding the banking performance and stability.

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Dang, Dan Van, and Binh Duc Vu. "Testing the Phillips curve in Vietnam." Science and Technology Development Journal 19, no. 1 (September 22, 2018): 52–60. http://dx.doi.org/10.32508/stdj.v19i1.527.

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This paper employs qualitative and quantitative methods to test the theory of Philips Curve in Vietnam in the period between 2000 and 2014. The results show that the Philips Curve applies to the actual situation of the Vietnam’s economy, which is useful for both macro-economic planning by the Government and monetary policy making by the State Bank of Vietnam. The paper also suggests implications of an increased application of the Philips Curve to the economic policy management, thereby contributing to the stabilized socio-economic development in Vietnam

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Ha, Dao Thi Thieu, and Trinh Thi Tuyet Pham. "Vietnam’s macroeconomic instability from monetary policy perpecstive." Science and Technology Development Journal 16, no. 1 (March 31, 2013): 68–80. http://dx.doi.org/10.32508/stdj.v16i1.1410.

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Macroeconomic instability Indices of Vietnam shows that Viet Nam actually falls in macroeconomic instability. In addition to the effect of external factors such as increased capital inflow fluctuation and global economic crisis, easy monetary and fiscal policy also lead to estate and stock price boom and finally expose Vietnam economy to instability. Among them, monetary policy is one of the main causes leading to this situation because of frequency change in policy, inconsistency of inflation targeting, lack of long-term policies and administrative measures. This paper also points out some policy recommendations for effectively controlling the instability.

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Nga, Nguyen Thi Viet. "Monetary policy, exchange rate, renewable energy and economic growth: An empirical analysis of Vietnam." Accounting 7, no. 6 (2021): 1315–24. http://dx.doi.org/10.5267/j.ac.2021.4.007.

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The aim of this study is focused on how monetary, energy consumption and other factors affect economic growth of the country of Vietnam. Based on collected secondary data covering from the World Bank and Vietnam’s General Statistics Office from 1985 to 2019, and some data collected from the State Bank of Vietnam, Vector Autoregressive Model was considered to apply in order to investigate this relationship. Results show that there exists an association among monetary policy, renewable energy and the country’s economic growth. Especially, the country’s exchange rate shows no influence on its economic growth while interest rate has negative effects and particularly money supply and renewable energy have a positive influence on the same direction and has a strong impact on economic growth.

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Pham, Thi Thu Tra, and James Riedel. "On the conduct of monetary policy in Vietnam." Asian-Pacific Economic Literature 26, no. 1 (May 2012): 34–45. http://dx.doi.org/10.1111/j.1467-8411.2012.01335.x.

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Tung, Le Thanh. "Fiscal Policy, Monetary Policy and Price Volatility: Evidence from an Emerging Economy." Organizations and Markets in Emerging Economies 12, no. 1 (May 20, 2021): 57–70. http://dx.doi.org/10.15388/omee.2021.12.47.

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Vietnam is an Asian emerging country, which now is ranked in the group of the fastest-gro- wing economies worldwide. However, this economy has faced galloping inflation in recent years. So the Vietnamese experience is a valuable reference for the policymakers in the developing world in order to successfully control price volatility. Our study applies the Vector autoregressive method, the Johansen cointegration test, and the Granger causality test to examine the impact of fiscal and monetary policy on price volatility in Vietnam with a quarterly data sample collected over the period from 2004 to 2018. The study results confirm the existence of a long-term cointegration relationship between these policies and price volatility in Vietnam. Besides, the variance decomposition and impulse response function also show that the impact of these policies on inflation is clear, however, the fiscal policy more strongly affects inflation than the monetary policy. Finally, the Granger causality test also indicates one-way causality relationships from the government expenditure as well as the exchange rate to price volatility in the study period.

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NGUYỄN PHÚC, CẢNH, ANH NGUYỄN QUỐC, and QUÂN NGUYỄN HỒNG. "Effects of Bank Characteristics on Transmission of Monetary Policy Through Bank Lending Channel in Vietnam." Journal of Asian Business and Economic Studies 219 (January 1, 2014): 49–65. http://dx.doi.org/10.24311/jabes/2014.219.1.02.

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Credits from commercial banks influence various economic components, such as investment and consumption of durables and changes in monetary policy and therefore, affect the economy through supply of credits by commercial banks. This paper explores transmission of monetary policy through commercial bank lending channel in Vietnam in 2003-2012 by examining reaction of each bank to changes in monetary policy. Authors use the GMM (generalized method of moments) for panel data gathered from financial statements of commercial banks in 2003-2012. Results show that GMM helps detect the existence of bank lending channel in the transmission mechanism in Vietnam, and bank characteristics relating to equity capital, liquidity assets and risk degrees affect their flexibility when responding to changes in monetary policy in the surveyed period.

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Nguyen Thi, Vu Ha. "Surplus in balance of payments and some policy recommendations for Vietnam." Russian Journal of Vietnamese Studies 6, no. 1 (January 15, 2022): 28–39. http://dx.doi.org/10.54631/vs.2022.61-105384.

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The balance of payments (BoP) is a critical macroeconomic indicator that helps understand the overall picture of a country's economic transactions with foreign ones. Vietnam's BoP has continuously been in surplus in recent years, even when heavily affected by the Covid-19 pandemic. Based on descriptive statistical methods, comparison, analysis and synthesis, this article has shown that the surplus in the current account of Vietnam was mainly due to the surplus in the trade balance. In addition, despite receiving large remittances, the amount of money that Vietnam had to pay to foreign investors was always much more excess than that Vietnam earns from investing abroad, causing the balance of income to run in deficit. Vietnam's financial account was also in surplus because she has received an enormous amount of foreign direct investments. The surplus in Vietnam's BoP has enhanced Vietnam's external position, but it has put pressure on the domestic currency to appreciate and warn of future macroeconomic uncertainties. Therefore, in the future, Vietnam needs to determine the priority in its policy whether to stabilise the exchange rate or have an independent monetary policy in the context of increasingly liberalised capital accounts.

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Wanasilp, Mesa. "Monetary Policy Rules in Emerging ASEAN Economies." International Journal of Asian Business and Information Management 12, no. 3 (July 2021): 255–74. http://dx.doi.org/10.4018/ijabim.20210701.oa16.

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This paper examines the monetary policy rules for five emerging ASEAN economies—Indonesia, the Philippines, and Thailand as the adopters of inflation targeting (IT) and Malaysia and Vietnam as the non-IT adopters. For the methodology, this study applies a generalized method of moments that provides a consistent and efficient estimator for the estimation that contains endogenously determined variables. The questions are whether the rules of the IT adopters have fulfilled the Taylor principle and what has been the difference in the rules between the IT adopters and the non-IT adopters. The main findings are as follows: Regarding the IT adopters, their rules are characterized by inflation-responsive rules fulfilling the Taylor principle. As for the non-IT adopters, Malaysia follows solely an output-gap responsive rule, and Vietnam exhibits the mixed rules. The policy implications are that for the IT adopters there might be room to make their policy-rate responses more elastic to inflation, and that for the non-IT adopters, there would be a need to adopt an explicit IT framework.

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Ha, Le Thanh, To Trung Thanh, and Doan Ngoc Thang. "Welfare consequences of inconsistent monetary policy implementation in Vietnam." Economic Research-Ekonomska Istraživanja 33, no. 1 (January 1, 2020): 555–78. http://dx.doi.org/10.1080/1331677x.2020.1724172.

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Nguyen, Trung Thanh, Thi Linh Do, and Van Duy Nguyen. "Impacts of Monetary Policy and Information Shock on Stock Market: Case Study in Vietnam." International Journal of Economics and Finance 8, no. 7 (June 23, 2016): 132. http://dx.doi.org/10.5539/ijef.v8n7p132.

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Evaluation of the impact of monetary policy on Vietnam stock market plays an important role for economists as well as stock investors. Stock price index not only gets impacts from the macroeconomic factors such as oil price, gold prices…but also be very sensitive to the changes in monetary policy. For each different markets, stock index are also different from each other. Hence, this artical is conducted to evaluate the impacts of monetary policy on Vietnam Stock Index (VNIDEX) in the period of the time from 2006 to 2015. The author uses GJR - GARCH model and ARDL research with time-serie data by statistical methods and quantitative analysis to evaluate the above impact related to lag and shocks in the market. The result shows that the monetary policy including interests, exchange rate and required reserve ratio has a negative impact on stock price in long term. Besides, both bad or good market shock cause changes of stock price at stable level.

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Dang, Van Dan. "The Impact of Monetary Policy on Bank Profitability and the Moderating Role of Funding Patterns in Vietnam." Jurnal Institutions and Economies 14, no. 1 (January 1, 2022): 109–34. http://dx.doi.org/10.22452/ijie.vol14no1.5.

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The study investigates the effect of monetary policy on bank profitability while also taking into account the moderating role of bank funding patterns. Uniquely, the study focuses on disaggregate components of bank profits in an environment containing various monetary policy tools. Using a dataset of commercial banks in Vietnam, the results show that monetary policy drives bank profitability asymmetrically. Concretely, interest rates (i.e., lending rates and policy rates) exert positive effects on net interest income, but negative impacts on non-interest income. For quantitative-based policy tools, including the central bank’s security purchases and foreign exchange reserves, monetary policy is positively correlated with non-interest income but negatively associated with net interest income. The reaction of banks’ net interest income to monetary policy adjustments is translated into overall bank profits. Further analysis indicates that the monetary policy/bank profitability nexus across different proxies is less pronounced at banks with more diversified funding patterns. This finding sheds light on prior arguments attributing financially weaker banks’ greater sensitivity in facing monetary shocks to the limited alternative funding.

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My Tran, Linh, Chi Mai, Phuoc Huu Le, Chi Bui, Linh Nguyen, and Toan Huynh. "Monetary Policy, Cash Flow and Corporate Investment: Empirical Evidence from Vietnam." Journal of Risk and Financial Management 12, no. 1 (March 19, 2019): 46. http://dx.doi.org/10.3390/jrfm12010046.

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This paper examines the relationships between macroscopic determinants (typically, monetary policies) and microscopic factors (mainly, cash flows and other controlling variables) on corporate investment. By employing system-GMM estimation for the 250 Vietnamese non-financial firms, the authors find that the expansionary monetary policy not only encourages the borrowing activities but also results in more corporate investment activities over the period from 2006 to 2016. Noticeably, the internal cash flow is also significant factor, which enhances the activities of corporate investment. Finally, there are differences between internal cash flow effects on corporate investments between two groups, divided by three theoretical criteria. To recapitulate, our implications highlight the importance of monetary policy stability for sustainable growth in corporate investment in Vietnam.

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Trầm Thị Xuân, Hương, Vinh Võ Xuân, and CẢNH NGUYỄN PHÚC. "Monetary Transmission through Interest Rate Channel in Vietnam Before and After the Crisis." Journal of Asian Business and Economic Studies 222 (October 1, 2014): 51–75. http://dx.doi.org/10.24311/jabes/2014.222.05.

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The paper employs the VAR model to examine the impact of monetary policy on the economy through interest rate channel (IRC) and levels of transmission before and after the 2008 crisis. The results indicate that in the period before the financial crisis, IRC exists in accordance with macroeconomic theory; however, the crisis period, in which increases in SBV monetary policy rates lead to increased inflation, has proved the existence of the cost channel of monetary transmission in Vietnam.

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Võ Thanh, Thu, Huy Lê Quang, and Diệp Lê Thị Bích. "Determinants of Vietnam’s outward direct investment: The case of Cambodia." Journal of Asian Business and Economic Studies 25, S01 (January 1, 2018): 24–49. http://dx.doi.org/10.24311/jabes/2018.25.s01.2.

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This research focuses on the determinants of Vietnam’s outward FDI by studying simultaneously the influence of two pull factors and push factors. In addition, the work examines the differences in assessing the impact of two factors groups on investment decisions by market entry method. The authors conduct qualitative research interviewing six experts as the managers have an important role in the decision to invest directly abroad for their business and quantitative research by multiple regression methods studying samples consisting of 248 enterprises. Push factors group from Vietnam includes competitive pressure of Vietnam market, monetary policy, interest rates of Vietnam, regulations and procedures for licensing investment abroad of Vietnam, incentive policy, and investment incentives to overseas. Pull factors group from host country includes culture–geography, macroeconomics and market, infrastructure, regulations and policies related to investment. Through two groups of factors, the authors withdraw into four groups that impact the Vietnam’s FDI abroad including: (i) culture–geography, (ii) infrastructure; (iii) the macro-economic and market; and (iv) regulations and policies related to investment. The results indicate that two groups of factors, both pull factors and push factors, have impact on Vietnam’s FDI abroad.

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Tung, Le Thanh. "EFFECT OF FISCAL AND MONETARY POLICY ON PRIVATE INVESTMENT IN VIETNAM." Business: Theory and Practice 23, no. 2 (December 1, 2022): 427–34. http://dx.doi.org/10.3846/btp.2022.15154.

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This paper aims to identify the effect of fiscal and monetary policy on private investment in Vietnam, a transition economy having robust economic growth. The quantitative analyze process employs the Autoregressive Distributed Lag (ARDL) model with a quarterly database in 2004–2020. The bound test study indicates that there is a long-term cointegration relationship between the policy variables and private investment. In the long run, the estimated result shows that the government expenditure and money supply have positive and significant impacts on private investment, however, the exchange rate has a negative and significant impact on private investment. In the short run, government expenditure also has a significant positive impact on private investment in Vietnam, besides, the lag of the private investment variable has a positive and significant which shows the supporting impact on private investment on itself. The coefficients of the tax revenue are positive and insignificant in the estimated functions. Therefore, the evidence suggests that the government needs to increase its expenditure which helps improve private investment in Vietnam in the future.

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Vo, Xuan Vinh, and Phuc Canh Nguyen. "Monetary Policy Transmission in Vietnam: Evidence from a VAR Approach." Australian Economic Papers 56, no. 1 (August 25, 2016): 27–38. http://dx.doi.org/10.1111/1467-8454.12074.

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Nguyen, Duc Trung, and Thi Nhu Quynh Nguyen. "Impacts of Monetary Policy on Stability of Commercial Banks – Evidence from Vietnam." International Journal of Management and Sustainability 10, no. 4 (December 6, 2021): 92–103. http://dx.doi.org/10.18488/journal.11.2021.104.92.103.

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Before 2009, most central banks conducted their monetary policy with the ultimate goals of promoting price stability, economic growth and full employment. However, the 2009 financial crisis demonstrated that these goals are not enough to maintain a stable financial arena. So, aside from those objectives, the objective of financial stability is also of interest to central banks when implementing monetary policy. In this study, the authors explore the influence of monetary policy on the stability of commercial banks in Vietnam – an emerging economy. The study uses the dataset of the Vietnamese commercial banks from 2008 to 2019, applying SGMM estimations and checking their robustness with a Bayesian approach. The results show that, in recent years, the SBV has effectively implemented monetary policy to ensure banks’ stability in Vietnam. In particular, money supply M2 has positively impacted the stability of commercial banks. Also, the results imply that the ratio of loan to total assets, the ratio of cost operating to income operating, as well as CPI, correlate negatively with bank stability. The study did not find any impact of bank size or GDP on bank stability during the research period. Based on these results, the SBV should manage an optimal level of money supply M2 to guarantee efficient economic operations in general and maintain bank stability in particular, and should avoid high inflation.

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Nguyen, Trung Thanh, Thi Linh Do, and Van Duy Nguyen. "Impacts of Monetary Policy on Stock Market through Survey from Investors." Journal of Management and Sustainability 6, no. 2 (May 23, 2016): 132. http://dx.doi.org/10.5539/jms.v6n2p132.

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Analyzing the impacts of the monetary policy on the stock market is very important to investors. There are many papers studying this relationship, but study based on investors is still limited. This paper is conducted by interviewing experts and Stock Investors in Vietnam. After having research results, the authors continue to use multi-variables method (EFA, regression analysis) and get the following outcomes: According to investors, the policy of interest rate, required reserved ration and exchange rate have impacts on Vietnam stock market; the policy of money supply does not have influence on the market. At the same time, interest rate has the strongest impact on stock market following by the required reserved ratio and the exchange rate.

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Bui Thanh, Trung. "Monetary policy effect in an economy with heavily managed exchange rate." Journal of Asian Business and Economic Studies 24, no. 02 (April 1, 2017): 31–50. http://dx.doi.org/10.24311/jabes/2017.24.2.06.

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The primary objective of this paper is to investigate the effect of monetary policy on macroeconomic variables in Vietnam, which is a small, open, and developing economy with heavily managed ex-change rate. Monetary policy shock is identified by the sign re-striction methodology. Unlike previous studies, this paper identifies a monetary contraction by a combination of an increase in interest rates, a decrease in central bank credit, a drop in the stock of foreign exchange reserves, and a fall in broad money. The empirical results show that output and prices begin to reduce after a restrictive mone-tary shock in the medium term, suggesting the adverse effect of monetary policy in the short term and the necessity to improve the transparency of monetary setting. Meanwhile, exchange rates are unresponsive to a tightening decision, which is not a sign of puzzle but plausible when the nature of a peg regime is taken into account. Furthermore, foreign exchange policy causes inflation to rise since its effect is partially sterilized by changes in monetary policy instru-ments. Therefore, Vietnamese monetary authorities should consider a shift toward a more floating regime to achieve monetary inde-pendence or foster the development of financial markets in order to alleviate inflationary pressure caused by foreign exchange policy.

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Van Dinh, Doan. "Comparison of the impact of lending and inflation rates on economic growth in Vietnam and China." Banks and Bank Systems 15, no. 4 (December 23, 2020): 193–203. http://dx.doi.org/10.21511/bbs.15(4).2020.16.

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Inflation and lending rates are two important macroeconomic indicators as they affect economic growth. The correlation between the inflation rate and the lending rate in Vietnam and China is analyzed to determine whether the lending rate causes inflation or not. An ordinary least square model (OLS) and a unit root test are applied to check the correlation and cointegration related to the inflation and lending rates to avoid spurious regression. The research time series data were collected from 1996 to 2017. The correlation of Vietnam’s variables is 56%, the correlation of China’s variables is 55%, which is a close correlation. The empirical cointegration test results for Vietnam and China are suitable for two research models. The relationship between these two indicators influences each other. In the short term, inflation stimulates economic growth through loose monetary policy through the lending rate. However, in the long term, if the money supply increases continuously, inflation will slow economic growth and increase bad debt. The empirical results are to make accurate forecasts and determine monetary policy for micro-managers who set the goal of sustainable economic growth and have a strategy for economic development in the short and long term.

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et al., An. "Bank competition and the credit channel of monetary policy: Evidence from an emerging country." International Journal of ADVANCED AND APPLIED SCIENCES 8, no. 2 (February 2021): 85–91. http://dx.doi.org/10.21833/ijaas.2021.02.012.

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Our study provides one of the first examinations in an emerging country on the credit channel of monetary policy transmission under the influence of competition. The study was conducted using a panel data of 30 joint-stock commercial banks in Vietnam in the period of 2008-2017. By applying the DGMM estimation method, we found that the existence of the influence of competition on monetary policy transmission through credit channels. The higher bank competitiveness will make monetary policy transmission via credit channels of commercial banks less effective. Large-scale commercial banks, because of a merger or equity increase, will increase their competitiveness because of increased market share, which will weaken the monetary policy transmission through credit channels. The estimation results from the two methods of competitiveness measurement-the Lerner index and the Boone index–are in a united direction but at different levels.

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Bhattacharya, Rina. "Inflation Dynamics and Monetary Policy Transmission in Vietnam and Emerging Asia." IMF Working Papers 13, no. 155 (2013): 1. http://dx.doi.org/10.5089/9781475554731.001.

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Bhattacharya, Rina. "Inflation dynamics and monetary policy transmission in Vietnam and emerging Asia." Journal of Asian Economics 34 (October 2014): 16–26. http://dx.doi.org/10.1016/j.asieco.2014.05.001.

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Quynh Dung, Nguyen Thi, and Pham Thi Ha An. "Monetary Policy Transmission Through the Rate Channel in Some Countries in ASEAN." Applied Economics and Finance 7, no. 2 (February 21, 2020): 57. http://dx.doi.org/10.11114/aef.v7i2.4729.

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Using a quantitative regression of table data through FEM and REM models, the study has measured the extent and direction of exchange rate impacts on the economic growth of five ASEAN countries namely, Vietnam, Indonesia, Singapore, Philippines, Malaysia, in the period of 1985-2015. The estimation results show that for every 1% rise in the real exchange rate, the multilateral force will have a positive impact, since the speed of economic growth of five countries increased by 2.09%. This result is consistent with some previous studies, especially in some developing countries. Further, the thesis has assessed the exchange rate policy in Vietnam and analyzed the situation. As a result, the authors have made some recommendations for exchange rate policy. The recommendations focus on the State’s intervention in adjusting the exchange rate and pay attention to the real exchange rate for policy evaluation. The recommendations of the thesis are consistent with the actual situation in the five ASEAN countries in order to stabilize economic growth.

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Trần Huy, Hoàng, Trúc Liễu Thu, and Huân Nguyễn Hữu. "Monetary Policy Implementation in the Context of International Integration during the Period 2011-2020." Journal of Asian Business and Economic Studies 220 (April 1, 2014): 41–59. http://dx.doi.org/10.24311/jabes/2014.220.08.

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The research tries to systematize basic problems with implementation of monetary policy, provide an overall estimate of the implementation of this policy by the SBV over periods, test and measure monetary policy transmission to identify major regulatory instruments, and suggest measures to maximize effects of the transmission mechanism of the monetary policy from 2014 to 2020 when Vietnam gradually integrates into the world economy. The research combines the descriptive statistics and VAR model to analyze each specific target in the period from 1990 to present time. The results show that the SBV has changed to employment of indirect instruments from direct ones and reduced commands or directions as an administrative body. The monetary policy in the past, however, was not very effective, which showed itself in the fact that changes in money supply did not produce strong effects on such variables as inflation and gross output. Among instruments for the monetary policy, exchange rate and refinancing rate are considered important in curbing inflation, and required reserve has great effects on economic growth, while the research finds no evidence of effects of credit limit set by the SBV on macroeconomic variables.

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Epstein, Natan, Lucyna Gornicka, Karel Musil, Valeriu Nalban, and Nga Ha. "Quarterly Projection Model for Vietnam: A Hybrid Approach for Monetary Policy Implementation." IMF Working Papers 2022, no. 125 (June 2022): 1. http://dx.doi.org/10.5089/9798400212536.001.

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Dizioli, Allan, and Jochen M. Schmittmann. "A Macro-Model Approach to Monetary Policy Analysis and Forecasting for Vietnam." IMF Working Papers 15, no. 273 (2015): 1. http://dx.doi.org/10.5089/9781513595665.001.

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Ha, Nguyen Tran Thai, and Phan Gia Quyen. "Monetary Policy, Bank Competitiveness and Bank Risk-taking: Empirical Evidence from Vietnam." Asian Academy of Management Journal of Accounting and Finance 14, no. 2 (2018): 137–56. http://dx.doi.org/10.21315/aamjaf2018.14.2.6.

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Dang, Van Dan, and Hoang Chung Nguyen. "Monetary stimulus and bank liquidity hoarding in an emerging market." Asian Academy of Management Journal of Accounting and Finance 18, no. 1 (July 29, 2022): 133–61. http://dx.doi.org/10.21315/aamjaf2022.18.1.6.

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The paper examines the impact of monetary policy on bank liquidity hoarding. Using novel measures to capture bank liquidity hoarding in Vietnam during 2007–2019, we find that banks decrease total liquidity hoarding and all three liquidity hoarding components (asset-, liability-, and off-balance sheet items) when the central bank injects more money into the economy. An interesting result appears when we document that banks hoard more liquidity in the event of lowered interest rates. Our additional analysis indicates that the extent to which bank liquidity hoarding responds to monetary policy changes is clearer in lower-risk banks.

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NGUYỄN KHẮC QUỐC, BẢO, and NHỰT NGUYỄN HỮU HUY. "Empirical Evidence of Asymmetric Interest Rate Pass-Through in Vietnam." Journal of Asian Business and Economic Studies 218 (October 1, 2013): 79–93. http://dx.doi.org/10.24311/jabes/2013.218.04.

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This paper seeks evidence and explanatory factors of asymmetric relationship in interest rate pass-through in Vietnam. The results show that the capital and liquidity requirements of commercial banks are main causes of asymmetric interest rate pass-through in Vietnam. The research based on data from six commercial banks in Vietnam during the period 2009 ? 2012 shows that (i) Loan rates from capital constrained banks are higher than those from unconstrained banks; (ii) Pass-through from monetary policy rate to loan rates is not clear in both constrained and unconstrained banks; and (iii) Loan rates from capital constrained banks are more sensitive to changes in aggregate demand.

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Tran Phuong, Thao, and Thuy Phan Chung. "Relationship between Volatilities of Stock Market and Instruments of Monetary Policy in Vietnam." Journal of Asian Business and Economic Studies 22, no. 1 (January 1, 2015): 82–99. http://dx.doi.org/10.24311/jabes/2015.22.1.02.

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Volatility of stock exchange and its determinants always attract the attention of investors, researchers and exchange authorities. The research estimates the volatility of Vietnam stock market by measuring the conditional volatility of VN-Index and HNX-Index, and explores the relationship between the volatility of stock exchanges and the volatility of two instruments of monetary policy (overnight rate and exchange rate). Data are collected on a daily basis from Jan. 5, 2006 to March 31, 2014. The research found evidence of volatility of returns through the two indexes and two instruments, but it detected no relationship between the volatilities of these instruments and the stock indexes. Additionally, the research confirms the role of VN-Index as a market maker over HNX-Index.

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van Hoang, Khieu. "The Role of Monetary Policy in the New Keynesian Model: Evidence from Vietnam." International Economic Journal 29, no. 1 (October 10, 2014): 137–60. http://dx.doi.org/10.1080/10168737.2014.966741.

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Pham, Van Anh. "Impacts of the monetary policy on the exchange rate: case study of Vietnam." Journal of Asian Business and Economic Studies 26, no. 2 (December 2, 2019): 220–37. http://dx.doi.org/10.1108/jabes-11-2018-0093.

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Purpose The purpose of this paper is to evaluate and analyze impacts of the monetary policy (MP) – money aggregate and interest rate – on the exchange rate in Vietnam. Design/methodology/approach The study uses data over the period of 2008–2018 and applies the vector autoregression model, namely recursive restriction and sign restriction approaches. Findings The main empirical findings are as follows: a contraction of the money aggregate significantly leads to the real effective exchange rate (REER) depreciating and then appreciating; a tightening of the interest rate immediately causes the REER appreciating and then depreciating; and both the money aggregate and the interest rate strongly determine fluctuations of the REER. Originality/value The quantitative results imply that the MP affects the REER considerably.

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Taguchi, Hiroyuki. "Macroeconomic Risks in the Greater Mekong Sub-Region." International Journal of Asian Business and Information Management 6, no. 2 (April 2015): 16–32. http://dx.doi.org/10.4018/ijabim.2015040102.

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This paper investigated the macroeconomic risks in the Greater Mekong Sub-region (GMS) from the perspectives of their external balances and monetary policies. The main findings are: 1) especially in Vietnam, the continuous deficit in current account accompanied with the decline in financial-account surplus and foreign reserves has increased economic risks in external balance, which seems to be a quite similar picture to the pre-crisis (1996-97) Thailand; 2) the rising real exchange rate, i.e. the loss of price competitiveness caused by domestic high inflation has been deteriorating the current account, except for Thailand; 3) the domestic high inflation can be attributed to the inability for central bank to manage monetary base against external capital flows through the sterilization, except for Thailand; 4) the clear contrast between the resilience of monetary policy to capital-flow shock in Thailand in 2000-2011 and its fragility in Vietnam in 2000-2011 and Thailand in 1986-1996, was also identified by the impulse response estimation in the analytical framework of VAR model.

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Rusiadi, Rusiadi, Ade Novalina, Bhaktiar Effendi, and Anita N Hutasoit. "ARDL PANEL MODEL OF INTERNATIONAL FINANCIAL SYSTEM AND MONETARY POLICY OF ASIA PASIIFIC ECONOMIC COOPERATION." Proceeding of The International Conference on Economics and Business 1, no. 1 (June 28, 2022): 83–92. http://dx.doi.org/10.55606/iceb.v1i2.185.

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The financial system plays an important role in the economy. An unstable financial system will be vulnerable to various problems that disrupt the rotation of a country's economy and be vulnerable to economic problems such as the global crisis in various countries. The problem that occurs is the occurrence of Covid-19 causing various fluctuations in the level of inflation, money supply, imports, the occurrence of unstable inflation from January 2019 to August 2021, low inflation resulting in a decrease in imports and an increase in the money supply in Mexico. , Vietnam, Philippines, Hongkong, Indonesia, Canada, Malaysia, Singapore, Peru, and China. The analytical method in this study uses the ARDL Panel (Autoregression Distributed Lag) approach. The ARDL Panel Model determines which country models from APEC countries are able to control long-term financial system-based economic fundamentals in Mexico, Vietnam, the Philippines, Hong Kong, Indonesia, Canada, Malaysia, Singapore, Peru, and China and the Different Test for modeling the impact of covid-19 19 on the economic fundamentals of the financial system. The results of the research found the ARDL Panel prediction model in modeling the impact of Covid-19 on economic fundamentals in the financial system. The main Leading Indicator of variable effectiveness in controlling Inflation In TAPEC is JUB where Vietnam, the Philippines, Hong Kong, Japan, Malaysia, Singapore, Peru and China have a significant influence in controlling Inflation. Then overall in the long term (Long Run) it turns out that only the JUB and CDV variables have an effect on INF In TAPEC, while in the short term (Short Run) it is JUB that influences Inflation In TAPEC.

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Minh, Nguyễn Thị Thùy, and Nguyễn Thị Thùy Dương. "EFFECT OF A BUDGET DEFICIT ON INFLATION RATE IN VIETNAM." Hue University Journal of Science: Economics and Development 126, no. 5B (December 8, 2017): 117. http://dx.doi.org/10.26459/hueuni-jed.v126i5b.4151.

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In recent years, Vietnam has achieved high economic growth rate so inflation has become a noticeable problem. The relationship between state budget deficit and inflation is a two-way dialectical relationship. However, within the limit of this article, the author only studies one-way relationship, the effect of budget deficit on inflation rate in Vietnam. Prolonged budget deficit and the remediation of the state budget deficit by different methods have affected the inflation rate on different degrees. This effect is analyzed by many approaches, both quantitative and qualitative, and includes five approaches: impact of fiscal policy inflation, impact of the state budget deficit level on inflation, impact of budget deficit funding on inflation, independence of monetary policy and its effect on inflation, effect of public expenditure on inflation.

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Elgammal, Mohammed M., and Mohamed Abdelaziz Eissa. "Key determinants of inflation and monetary policy in the emerging markets: evidence from Vietnam." Afro-Asian J. of Finance and Accounting 6, no. 3 (2016): 210. http://dx.doi.org/10.1504/aajfa.2016.079256.

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Elgammal, Mohammed m., and Mohamed abdelaziz Eissa. "Key determinants of inflation and monetary policy in the emerging markets: evidence from Vietnam." Afro-Asian J. of Finance and Accounting 6, no. 3 (2016): 210. http://dx.doi.org/10.1504/aajfa.2016.10000373.

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Tran, Nam Hoai, and Chi Dat Le. "Financial conditions and corporate investment: evidence from Vietnam." Pacific Accounting Review 29, no. 2 (April 3, 2017): 183–203. http://dx.doi.org/10.1108/par-07-2016-0066.

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Purpose This study aims to investigate the influence of macro-financial conditions on firm-level capital allocation as a micro-transmission mechanism of monetary policy in Vietnam. Design/methodology/approach The authors employ a dynamic model of investment based on the Euler equation approach that allows for financial frictions. The financial conditions are proxied by a composite index of the current states of financial variables, including interest rates, exchange rates, stock prices, and credit demand – which captures short-term shocks in monetary transmission channels. Corporate financing constraints, as a reflection of financial frictions, are measured by the sensitivity of investment to internal funds, which are extensively examined in terms of both negative and positive cash flows. Findings In the presence of a non-monotonic (or U-shaped) investment–cash flow relation, the empirical evidence from Vietnamese listed firms indicates that financial conditions affect investment behavior for only firms with negative cash flows, in the sense that better financial conditions alleviate the level of “negative” financing constraints (i.e. the sensitivity of investment to negative cash flow). This effect is greater for larger firms and more likely pronounced for firms without state ownership. Originality/value This study contributes to the literature on corporate financing constraints in a manner of considering the macroeconomic dimension, specifically exploring the asymmetric impacts of financial conditions on the investment sensitivity to cash flow.

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CANH, NGUYEN PHUC, NGUYEN HONG QUAN, and NGUYEN QUOC ANH. "Effects of Bank Characteristics on Transmission of Monetary Policy Through Bank Lending Channel in Vietnam." Journal of Economics Development 219 (January 1, 2014): 49–65. http://dx.doi.org/10.24311/jed/2014.219.1.02.

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Dong, P. T., and T. T. Hung. "AN EMPIRICAL STUDY OF THE EFFECT OF MONETARY POLICY ON THE ECONOMIC GROWTH OF VIETNAM." Advances and Applications in Statistics 62, no. 1 (May 20, 2020): 19–29. http://dx.doi.org/10.17654/as062010019.

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Dang, Kinh Bac, Thi Thanh Hai Phan, Thu Thuy Nguyen, Thi Phuong Nga Pham, Manh Ha Nguyen, Van Bao Dang, Thi Thu Huong Hoang, and Van Liem Ngo. "Economic valuation of wetland ecosystem services in northeastern part of Vietnam." Knowledge & Management of Aquatic Ecosystems, no. 423 (2022): 12. http://dx.doi.org/10.1051/kmae/2022010.

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Coastal wetlands have been heavily exploited in the world. Valuation of ecosystem services help to provide the necessary improvements in coastal policy and management to monitor the driving forces of ecological changes in wetland ecosystems. In this study, the monetary values of wetland ecosystem services (WES) in the northeastern part of Vietnam were evaluated based on the integration of different quantitative methods, including interview, remote sensing, ecological modeling, statistic, and cost-benefit analyses. Particularly, seven wetland ecosystems and eleven services obtained from them were identified. As a result, the annual net WES value is evaluated at more than 390 million USD. The intensive and industrial aquaculture ecosystems in the northeastern part represent the highest economic value with more than 2100 USD/ha/year. A “planning” scenario was formulated to predict WES for the next ten years based on policy changes published by local managers. The framework developed here can serve as a decision support tool for environmental and economic managers in wetlands planning.

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Nguyen, Thi Mai Lan, Elissaios Papyrakis, and Peter A. G. Van Bergeijk. "Assessing the price and output effects of monetary policy in Vietnam: evidence from a VAR analysis." Applied Economics 51, no. 44 (April 16, 2019): 4800–4819. http://dx.doi.org/10.1080/00036846.2019.1602708.

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Phan Thi Bich, Nguyet, and Thao Pham Duong Phuong. "Association between Securities and Real Estate Markets: The Case of Ho Chi Minh City." Journal of Asian Business and Economic Studies 23, no. 04 (October 1, 2016): 62–79. http://dx.doi.org/10.24311/jabes/2016.23.4.07.

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This study inspects the relationship between the securities market and real estate market in Vietnam, particularly the case of Ho Chi Minh City from Q1/2009 through Q3/2014. Using a comprehensive survey of expert opinions, we find that several macro factors including GDP, interest rate, inflation, fiscal policy, monetary policy, securities market regulations, international capital flows, and money market have effects on both the securities and real estate markets, which, in turn, do have mutual interactions. Furthermore, it is suggested by the survey results that among the determinants, policy on foreign investment control has the most powerful impact on capital movements between the two markets. The results of TECM analysis of property price index and VN-Index reveal a bidirectional causality between the two markets, which are positively related in the long run

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Dang, Van Dan, and Van Cuong Dang. "Bank diversification and the effectiveness of monetary policy transmission: Evidence from the bank lending channel in Vietnam." Cogent Economics & Finance 9, no. 1 (January 1, 2021): 1885204. http://dx.doi.org/10.1080/23322039.2021.1885204.

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Journal articles on the topic 'Monetary policy Vietnam'

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