{"paper":{"title":"The Asset Price Channel of Monetary Policy: Evidence from Regional Stock-Market Developments in the Successor States of Former Yugoslavia","license":"http://creativecommons.org/licenses/by/4.0/","headline":"Monetary policy transmits through stock prices in finance and telecom sectors across former Yugoslav states but not in manufacturing or electricity.","cross_cats":["q-fin.EC","stat.ME"],"primary_cat":"econ.GN","authors_text":"Stefan Tanevski","submitted_at":"2026-05-14T08:48:02Z","abstract_excerpt":"The aim of this study is to empirically investigate the existence of a sectoral asset price channel of monetary policy in the region of the six republics of former Yugoslavia. The study constructs sectoral indices for the entire region, building on the idea that one regional stock exchange may provide more efficiency for the listed companies in the region, while monetary policy relevance for it may be sector-specific. We employ panel vector autoregressive model to observe impulse responses of sectoral indices to innovations in monetary policy, while then disentangle the long- from the short-ru"},"claims":{"count":4,"items":[{"kind":"strongest_claim","text":"Overall, we document presence of the asset price channel in the finance and telecom sectors, likely driven by the established multinational corporate networks fostering sub-market regionalization. Yet, this is not the case for the manufacturing and electricity sectors.","source":"verdict.strongest_claim","status":"machine_extracted","claim_id":"C1","attestation":"unclaimed"},{"kind":"weakest_assumption","text":"That the constructed regional sectoral indices and the panel VAR plus PMG framework can isolate the asset price channel of monetary policy without significant identification problems, omitted variables, or data fragmentation issues that would invalidate the sector-specific impulse responses.","source":"verdict.weakest_assumption","status":"machine_extracted","claim_id":"C2","attestation":"unclaimed"},{"kind":"one_line_summary","text":"Monetary policy transmits through the asset price channel in finance and telecom sectors of former Yugoslav states but shows no such effect in manufacturing or electricity.","source":"verdict.one_line_summary","status":"machine_extracted","claim_id":"C3","attestation":"unclaimed"},{"kind":"headline","text":"Monetary policy transmits through stock prices in finance and telecom sectors across former Yugoslav states but not in manufacturing or electricity.","source":"verdict.pith_extraction.headline","status":"machine_extracted","claim_id":"C4","attestation":"unclaimed"}],"snapshot_sha256":"97bbeb3a28e1dc702ece04d2e4d913c2d0b152376e069c6286e858e4bbc8aec5"},"source":{"id":"2605.14575","kind":"arxiv","version":1},"verdict":{"id":"701bbab9-9f41-4dd2-aaf4-32df3672c003","model_set":{"reader":"grok-4.3"},"created_at":"2026-05-15T00:45:06.826582Z","strongest_claim":"Overall, we document presence of the asset price channel in the finance and telecom sectors, likely driven by the established multinational corporate networks fostering sub-market regionalization. Yet, this is not the case for the manufacturing and electricity sectors.","one_line_summary":"Monetary policy transmits through the asset price channel in finance and telecom sectors of former Yugoslav states but shows no such effect in manufacturing or electricity.","pipeline_version":"pith-pipeline@v0.9.0","weakest_assumption":"That the constructed regional sectoral indices and the panel VAR plus PMG framework can isolate the asset price channel of monetary policy without significant identification problems, omitted variables, or data fragmentation issues that would invalidate the sector-specific impulse responses.","pith_extraction_headline":"Monetary policy transmits through stock prices in finance and telecom sectors across former Yugoslav states but not in manufacturing or electricity."},"references":{"count":0,"sample":[],"resolved_work":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","internal_anchors":0},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"author_claims":{"count":0,"strong_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"builder_version":"pith-number-builder-2026-05-17-v1"}