نقش ساختار سیستم مالی در انتقال سیاست پولی
|کد مقاله||سال انتشار||تعداد صفحات مقاله انگلیسی||ترجمه فارسی|
|43365||2015||9 صفحه PDF||سفارش دهید|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Ensayos sobre Política Económica, Volume 33, Issue 76, April 2015, Pages 44–52
Credit channel efficiency is of high importance for monetary policy pass-through. Literature has shown that certain market structure characteristics have a negative effect on policy transmission. In this paper we aim to measure credit interest rate rigidities as a measure of monetary policy transmission, as well as to identify the effect that market structure has on policy pass-through. The results suggest that policy transmission is incomplete in the short run; while in the long run interest rates fully adjust to changes in the intervention rate. Also, we find that market power increases interest rate rigidities and that the largest and more leveraged banks transfer changes in the intervention rate in a less degree.