Transmission mechanism Also, our understanding of the transmission mechanism of monetary policy, with respect to cross border markets will become increasingly important in the globalized world Already, the BIS is tracking global flows and probably has access to more comprehensive data on cross border financial flows in the Caribbean than we do on the region with respect to our regional neighbour’s data.
Despite this progress, the current level of private sector credit in Kenya of about 40% of Gross Domestic Product is still far below the levels recorded in comparable emerging economies such as Malaysia, South Africa and Mauritius.