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首页> 外文期刊>Journal of Asian Economics >Policy rate pass-through and the adjustment of retail interest rates: Empirical evidence from Malaysian financial institutions
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Policy rate pass-through and the adjustment of retail interest rates: Empirical evidence from Malaysian financial institutions

机译：政策利率转嫁和零售利率调整：马来西亚金融机构的经验证据

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摘要

The paper examines the interest rate pass-through from money market rates to various retail rates in Malaysia within the framework of an error-correction model. We estimate the short- and long-run interest rate pass-through and analyse the asymmetric behaviour of financial institutions under different monetary regimes. The results show that both deposit and lending rate pass-throughs are incomplete. However, pass-through and speed of adjustment vary across financial institutions and retail rates. This analysis also shows that interest rate adjustments are asymmetric, with more significant adjustments taking place under monetary easing than under monetary tightening. These results provide support for the existence of the interest rate channel of monetary policy in Malaysia. There is thus a need to conduct effective monetary operations to support efficient monetary transmission in Malaysia.
机译：本文研究了在误差校正模型框架内从货币市场利率到马来西亚各种零售利率的利率传递。我们估计短期和长期利率传递，并分析不同货币制度下金融机构的不对称行为。结果表明，存款和贷款利率传递均不完全。但是，通过率和调整速度因金融机构和零售利率而异。该分析还表明，利率调整是不对称的，与货币紧缩相比，货币宽松下的调整幅度更大。这些结果为马来西亚货币政策利率渠道的存在提供了支持。因此，有必要进行有效的货币业务以支持马来西亚的有效货币转移。

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