1 option
Interest Rate Pass-Through : A Meta-Analysis of the Literature / Gregora, Jiri.
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Gregora, Jiri.
- Series:
- Policy research working papers.
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Bank lending.
- Finance and financial sector development.
- Financial crisis management and restructuring.
- Financial structures.
- Inflation.
- Interest rate.
- International economics and trade.
- International trade and trade rules.
- Literature survey.
- Macroeconomic management.
- Macroeconomics and economic growth.
- Meta-analysis.
- Monetary policy.
- Money market.
- Rates.
- Local Subjects:
- Bank lending.
- Finance and financial sector development.
- Financial crisis management and restructuring.
- Financial structures.
- Inflation.
- Interest rate.
- International economics and trade.
- International trade and trade rules.
- Literature survey.
- Macroeconomic management.
- Macroeconomics and economic growth.
- Meta-analysis.
- Monetary policy.
- Money market.
- Rates.
- Physical Description:
- 1 online resource (53 pages)
- Other Title:
- Interest Rate Pass-Through
- Place of Publication:
- Washington, D.C. : The World Bank, 2019.
- System Details:
- data file
- Summary:
- The interest rate pass-through describes how changes in a reference rate (the monetary policy, money market, or T-bill rate) transmit to bank lending rates. This paper reviews the empirical literature on the interest rate pass-through and systematizes it by means of meta-analysis and meta-regressions. The paper finds systematically lower estimated pass-through coefficients in studies that focus on transmission to long-term lending rates, consumer lending rates, and average lending rates. The interest rate pass-through is significantly influenced by country macro-financial and institutional factors. The estimated pass-through tends to be stronger for economies with deeper capital markets (measured by market capitalization). Interestingly, central bank independence rising from lower levels can reduce interest rate pass-through, while central bank independence rising from already high levels can boost the pass-through.
The Penn Libraries is committed to describing library materials using current, accurate, and responsible language. If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.