返回Google圖書搜尋

Monetary Transmission Via the Administered Interest Rates Channel

Beng Soon ChongMing-Hua LiuKeshab Shrestha

出版	SSRN, 2013
URL	http://books.google.com.hk/books?id=6yrczwEACAAJ&hl=&source=gbs_api

註釋This paper examines the dynamics of administered interest rate changes in response to changes in the benchmark money market rate in Singapore. Our results show that the administered rates' adjustment speed differs across both financial institutions and financial products. The financial institutions' administered (lending and deposit) rates, moreover, are more rigid when they are below their equilibrium level than when they are above. Our finding, hence, implies that the speed of monetary transmission is not uniform across all sectors of the economy and that a tightening monetary policy takes a longer time to impact the economy than an expansionary monetary policy.