Interest rate liberalization and pass-through of monetary policy rate to bank lending rates in China

被引：15
|
作者：
Li, Jingya [1 ]
Liu, Ming-Hua [1 ]
机构：
[1] Univ Macau, Fac Business Adm, Macau, Peoples R China
来源：
FRONTIERS OF BUSINESS RESEARCH IN CHINA | 2019年 / 13卷 / 01期
关键词：
Interest rate pass-through; Interest rate liberalization; China; Autoregressive distributed lag (ARDL) bound test; Error correction model (ECM); INTEREST-RATE DEREGULATION; FINANCIAL STABILITY; RATE CEILINGS; COMPETITION; DEPOSIT; CHANNEL; CREDIT; REQUIREMENTS; TRANSMISSION; MARKETS;
D O I：
10.1186/s11782-019-0056-z
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We examine whether the effectiveness of the monetary policy rate transmission differs before and after interest rate liberalization in China using the autoregressive distributed lag (ARDL) bound test and an error correction model (ECM). The results show that after liberalization the mark-up is lower, and both the long-run and short-run interest rate pass-through has become faster and more complete. We attribute our findings to the ongoing reforms of China's banking system, which has improved the competitiveness of Chinese commercial banks.
引用
收藏
页数：19
相关论文
共 50 条
12345