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Monetary policy and the commercial banks: an overview

Ismail, Abdul Ghafar and Smith, Peter (1993) Monetary policy and the commercial banks: an overview Jurnal Ekonomi Malaysia, 27, pp. 29-35.

Record type: Article


The relationship between monetary policy and economic activity is one of the basic questions of macroeconomics. Economists have addressed this question in a number of ways. The traditional approach focuses on the importance of the liability side of the bank balance sheet. However, the traditional approach becomes less relevant as the number of substitutes for conventionally defined money increases in consumer’s portfolio. Recently, discussion on this relationship has gone further to include both credit rationing and bank structure. Interest has also grown in exploring the possible links between Islamic banks and monetary policy, and the deregulation process in the banking system. As a result, the role of money supply as an operating target of monetary policy has been undermined. The deregulation of commercial banks has changed the transmission mechanism for monetary policy from money supply to interest rates and bank credit

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Published date: September 1993


Local EPrints ID: 33030
ISSN: 0127-1962
PURE UUID: 5dd1ecf1-25a9-4ea4-9658-605ae9816ae7

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Date deposited: 23 May 2008
Last modified: 17 Jul 2017 15:54

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Author: Abdul Ghafar Ismail
Author: Peter Smith

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