کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
968880 | 931677 | 2007 | 17 صفحه PDF | دانلود رایگان |
![عکس صفحه اول مقاله: Interest rate pass-through in central and Eastern Europe: Reborn from ashes merely to pass away? Interest rate pass-through in central and Eastern Europe: Reborn from ashes merely to pass away?](/preview/png/968880.png)
In this study, we seek to better understand the interest rate pass-through in five Central and Eastern European countries—the Czech Republic, Hungary, Poland, Slovakia and Slovenia, the CEE-5. Our pass-through estimates for several retail rates are generally lower than those reported in the literature, given the absence of cointegration between policy rates and long- or even short-term market rates. In addition, the pass-through has been declining over time in the CEE-5, and we argue that it is likely to decrease further in the future. Finally, the pass-through appears similar in the CEE-5 than in Spain and is higher than in core euro area countries. Hence, euro adoption by the CEE-5 would not further increase heterogeneity within the euro area with regard to the interest rate pass-through. However, substantially more research is needed to establish commonalities and differences between the CEE-5 and the euro area with respect to the reaction of prices and output to monetary policy action.
Journal: Journal of Policy Modeling - Volume 29, Issue 2, March–April 2007, Pages 209–225