| DEDICATION | 第3-4页 |
| LIST OF PUBLISHED PAPERS | 第4-5页 |
| ABSTRACT | 第5-6页 |
| 摘要 | 第7-15页 |
| List of Abbreviation | 第15-16页 |
| Chapter 1 Introduction | 第16-24页 |
| 1.1 Introduction | 第16-18页 |
| 1.2 Background and Statement of the Study | 第18-20页 |
| 1.3 Objective of the Study | 第20-21页 |
| 1.4 Significant of the Study | 第21页 |
| 1.5 Structure of the Dissertation | 第21-24页 |
| Chapter 2 Theoretical debates and Literature reviews | 第24-48页 |
| 2.1 Objective of Mmodern Monetary Policy Frameworks | 第24-25页 |
| 2.2 Channels of the Monetary Policy Transmission Mechanism and Their Roles | 第25-32页 |
| 2.2.1 The interest rate channel | 第27-29页 |
| 2.2.2 The Credit channel | 第29-30页 |
| 2.2.3 The exchange rate channel | 第30-31页 |
| 2.2.4 The asset price channel | 第31-32页 |
| 2.3 Second Stage of Monetary Policy Transmission Mechanism in the Goods Market | 第32-33页 |
| 2.4 An Empirical Study of Monetary Policy Transmission Mechanism in Small OpenEconomies | 第33-40页 |
| 2.4.1 Empirical studies based on VAR model | 第33-35页 |
| 2.4.2 Empirical studies based on SVAR model | 第35-40页 |
| 2.5 Empirical Studies Regarding Monetary Policy Transmission Mechanism inDollarized Economies | 第40-45页 |
| 2.5.1 Empirical studies regarding the effectiveness of monetary policy anddollarization | 第40-41页 |
| 2.5.2 Studies regarding exchange rate performance and dollarization | 第41-43页 |
| 2.5.3 Studies regarding banking performance and dollarization | 第43页 |
| 2.5.4 Studies regarding inflation and dollarization | 第43-45页 |
| 2.6 Empirical Studies on Laos' Monetary Policy | 第45-46页 |
| 2.7 Comments | 第46-48页 |
| Chapter 3 Economic background, monetary policy and dollarization inLaos | 第48-68页 |
| 3.1 Laos'Economic Structure and Institutions Before 1986 | 第48-49页 |
| 3.2 Structure Reforms From a Centrally-Planned Economy to Market-OrientedEconomy | 第49-53页 |
| 3.2.1 Price reform | 第49-50页 |
| 3.2.2 Trade reform | 第50-51页 |
| 3.2.3 State enterprises reform | 第51页 |
| 3.2.4 Fiscal reform | 第51-52页 |
| 3.2.5 Banking and Financial reform | 第52-53页 |
| 3.3 Macroeconomic Performance | 第53-58页 |
| 3.3.1 Economic growth, Money supply growth and inflation | 第53-54页 |
| 3.3.2 Sectorial contribution of economic growth | 第54-56页 |
| 3.3.3 The openness of Laos' economy | 第56-58页 |
| 3.4 Financial Development and Monetary Policy in Laos | 第58-65页 |
| 3.4.1 Development of Financial Institution in Laos | 第58-59页 |
| 3.4.2 Operation of Monetary Policy in Laos | 第59-63页 |
| 3.4.3 Exchange Rate Performance in Laos from 1995-2016 | 第63-64页 |
| 3.4.4 Interest rate Performance in Laos from 1995-2016 | 第64-65页 |
| 3.5 Dollarization in Laos | 第65-68页 |
| Chapter 4 Data and Stability Tests | 第68-84页 |
| 4.1 Data and Source | 第68-70页 |
| 4.2 Unit root test and Structure Break | 第70-75页 |
| 4.2.1 Traditional unit root test | 第70-71页 |
| 4.2.2 Unit root test in the present of Structure break | 第71-73页 |
| 4.2.3 The Lee and Strazicich Unit root model with structure break | 第73-75页 |
| 4.3 Empirical results | 第75-81页 |
| 4.3.1 Results of ADF Unit root tests | 第75-76页 |
| 4.3.2 Results of the Minimum Lagrange Multiplier (LM) One-Break and two breaksUnit root tests | 第76-78页 |
| 4.3.3 Results of the test of significance of the Breakpoints | 第78-79页 |
| 4.3.4 Explanation for the Structure break in Lao PDR | 第79-81页 |
| 4.4 Concluding Remarks | 第81-84页 |
| Chapter 5 Development of SVAR model for monetary policytransmission mechanism in Laos | 第84-94页 |
| 5.1 Introduction | 第84-85页 |
| 5.2 Theoretical Svar Model | 第85-87页 |
| 5.3 Benchmark Model for Monetary Policy Transmission Mechanism in Laos | 第87-91页 |
| 5.4 Extended Model for Monetary Policy Transmission Mechanism in the GoodsMarket in Laos | 第91-92页 |
| 5.5 The Variable Representing Shock of Monetary Policy | 第92-94页 |
| Chapter 6 Result finding and Discussions | 第94-137页 |
| 6.1 Result of SVAR Model of Monetary Policy Transmission in Lao PDR | 第94-98页 |
| 6.1.1 Lag length selection and Robustness of the SVAR model | 第94-95页 |
| 6.1.2 Contemporaneous matrix | 第95-98页 |
| 6.2 Impulse Response Analysis | 第98-118页 |
| 6.2.1 Response of domestic variables to the positive shock of foreign variables | 第98-107页 |
| 6.2.1.1 Response of domestic variables to the positive shock of foreign interest rate | 第98-102页 |
| 6.2.1.2 Response of domestic variables to the positive world oil price shocks | 第102-105页 |
| 6.2.1.3 Impulse response of domestic variables to the world commodity price index(WCPI) | 第105-107页 |
| 6.2.2 Response of domestic variables to monetary policy shocks | 第107-110页 |
| 6.2.3 Response of domestic variables to monetary channels | 第110-118页 |
| 6.3 Variance Decompositions Analysis | 第118-125页 |
| 6.3.1 Variance decompositions of output | 第119-120页 |
| 6.3.2 Variance decompositions of CPI | 第120-121页 |
| 6.3.3 Variance decompositions of interest rate (R) | 第121-122页 |
| 6.3.4 Variance decompositions of money aggregate (M) | 第122-123页 |
| 6.3.5 Variance decompositions of the Real exchange rate (RER) | 第123-124页 |
| 6.3.6 Variance decomposition of foreign currency deposit (FCD) | 第124-125页 |
| 6.4 Monetary Policy Transmission in the Goods Market of Laos | 第125-132页 |
| 6.4.1 Results of contemporaneous coefficient for the extended model | 第126-127页 |
| 6.4.2 Response of household consumption and investment to a positive shocks ofexternal economic variables | 第127-128页 |
| 6.4.3 Response of household consumption and investment to a positive shocks ofmonetary transmission channels | 第128-129页 |
| 6.4.4 Variance decompositions of household consumption and investment | 第129-132页 |
| 6.5 Discussion of the Channels of Monetary Policy in Laos | 第132-137页 |
| 6.5.1 Finding concerning the traditional interest rate channel of monetary policy | 第132-133页 |
| 6.5.2 Finding concerning the credit channel of monetary policy | 第133-134页 |
| 6.5.3 Finding concerning the exchange rate channel of monetary policy | 第134-135页 |
| 6.5.4 The impact of foreign shocks | 第135-137页 |
| Chapter 7 Conclusion and recommendation | 第137-143页 |
| 7.1 Conclusion | 第137-140页 |
| 7.2 Recommendation | 第140-142页 |
| 7.3 Practical Limitation and Suggestion for the Further Study | 第142-143页 |
| References | 第143-154页 |
| Appendixes | 第154-164页 |
