Tiểu luận: Exchange rate pass - through in emerging markets

... vào phân tích trongnghiên cứu này. McCarthy, 2000, Pass- Through of Exchange Rates and Import Prices to Domestic Inflation in Some Industrialized Economies”Bài báo này nghiên cứu tác ... T HỊ C HÂU LO A NLÊ NG U YỄN Q U Ố C T RUNG EXCHANGE RATE PASS- THROUGH AND MONETARY POLICY IN CROATIATrường Đại học Kinh tế Thành phố Hồ Chí MinhViện đào tạo sau đại họcKhoa Tài Chính Doanh ... LIỆU3PHÂN TÍCH THỰC NGHIỆM4KẾT LUẬN5 EXCHANGE RATE PASS - THROUGH AND MONETARY POLIICY IN CROATIAHình A4: Phân tích phương sai về sự thay đổi củaTỷ giá hối đoái HRK-DEMHình A5: Phân tích phương...

... deposit rates Average -2 .0 -2 .9 -2 .7 -1 .7 Standard deviation 0.7 1.2 1.1 0.8 Maximum -1 .0 -1 .4 -1 .3 -0 .8 Minimum -3 .8 -5 .9 -6 .0 -3 .5 Time deposit rates Average -0 .4 -0 .1 -0 .2 -0 .5 -0 .1 -0 .9 -0 .2 ... Residual AT (-1 ) a -0 .005 *** -3 .10 -0 .004 *** -2 .89 -0 .005 *** -3 .00 ResidualBE (-1 ) -0 .007 ** -2 .20 -0 .003 -1 .09 -0 .005 -1 .52 Residual DE (-1 ) -0 .003 -1 .56 -0 .003 ** -2 .07 -0 .001 -0 .23 Residual ... ES (-1 ) -0 .006 *** -2 .80 -0 .003 -0 .86 -0 .000 -0 .03 Residual FR (-1 ) -0 .006 *** -3 .45 -0 .004 *** -3 .25 -0 .003 -0 .44 Residual IT (-1 ) -0 .006 ** -1 .96 -0 .004 * -1 .64 Residual NL (-1 ) -0 .004...

... (provisions) + /- + Interest rate risk (maturity mismatch) + /- - Banks’ excess liquidity - - Diversification (non-interest income) + /- + Banks’ excess capital - - Share of deposit funding - - Loan demand ... for interest rates on long-term loans to enterprises. 5.2 Long-run pass- through and speed of adjustments The most important equation in our study of interest rate pass- through is the following ... interest rates in the long-run. A long-run multiplier less than one implies a limited pass- through even in the long-run, whereas a long-run multiplier larger than one implies a kind of over-shooting.29...

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... pháp trên•Ưu điểm: - Đơn giản, dễ làm - Chi phí thấp - Sử dụng phổ biến•Nhược điểm: - Hệ số nhân giống thấp - Cây con không đảm bảo sạch bệnh virus - Phụ thuộc vào mùa vụ - Tốn công lao động, ... gian - Một số cây trồng không áp dụng được - Cây giống dễ bị thoái hoá qua một số thế hệ 2.2. Các phương pháp nhân giống vô tính•Ưu điểm của nhân giống in vitro: - Hệ số nhân giống nhanh - ... giống in vitro2.4. Ứng dụng nhân nhanh in vitro2.5. Quy trình nhân giống in vitro trên cây chuối2.6. Khó khăn của kỹ thuật nhân giống in vitro3. Kết luận 2.3. Quy trình nhân giống in vitro...

... policy rate smoothing or policy inertia. In investigating policy inertia under var-ious degrees of loan rate stickiness, we have to explicitly distinguishbetween policy inertia and intrinsic inertia. ... that,especially in the euro area, shifts in money-market rates, includingthe policy rate, are not completely passed through to retail lend-ing rates.2Naturally, since loan rates are determined by ... respectively.6.2 Policy Rate Smoothing and the Degree of Interest Rate Pass- Through Before investigating optimal policy, it should be pointed out thatthe degree of interest rate pass- through is heavily dependent...

... than increases and retail interest rates does not adjust asymmetrically to an increase or a decrease in money market rate in Turkey. Keywords: Interest rate pass- through, retail interest rates, ... examining the pass- through that is defined as the degree and the speed of adjustment of interest rates to money market rate. Most central banks use a short-term interest rate as their instrument ... rigidity is find in deposit rate decreases which is in line with customers’ negative reactions hypothesis and greater rigidity in lending rate decreases which is in line with in collusive pricing arrangements...

... short-term pass- through, b2 the final or long-term pass- through and (1-a2)/b1 equals the mean adjustment lag at which market interest rates are fully passed through to retail bank interest ... the market interest rate, while shocks in market rates may have an immediate impact on retail bank interest rates. Pass- through process within VAR framework The interest rate pass- through process ... since the introduction of the euro, suggesting a quicker pass- through process since the introduction of the euro. This section examines the hypothesis of a quicker retail interest rate pass- through...

... result in slower and more incom-plete pass- through than otherwise.Retail Bank Interest Rate Pass- through: Is Chile Atypical?171If incomplete pass- through were due mainly to market power in the ... 2002.6.355.645.736.003.360.503.092.981.131.641.281.591.251.191.802.661.284.924.284.264.571.060.971.310.630.930.111.511.541.294.743.483.694.312.090.451.521.641.201.311.341.001.451.314.943.153.544.151.760.391.271.361.311.490.870.842.351.225.004.554.604.611.251.301.285.875.085.095.632.070.421.531.701.421.161.670.991.212.674.614.013.874.171.670.531.221.431.111.081.691.392.803.402.733.563.382.030.411.761.871.281.33Money Short-term Medium-term Long-term Short-term Medium-term Long-term Weightedmarket deposit deposit deposit lending lending lending ave. of allCountry rate rate rate rate rate rate rate loansChile ... lagNominal ratesLending ratesShort-termMedium-termLong-termWeighted averageDeposit ratesShort-termMedium-termLong-termUF ratesLending ratesWeighted averageMedium-termLong-termDeposit ratesMedium-termLong-term3.743.2311.342.031.4517.38(42.90)(2.38)(0.94)(55.20)(22.70)0.272.474.15–0.15–0.09(195.00)(57.50)(12.00)(3.31)(29.30)(12.40)(9.57)(6.60)1.001.000.930.640.210.002.000.87(8.72)(26.80)(37.40)(5.13)1.090.670.870.81(6.87)(8.08)(13.20)(11.90)0.460.400.690.870.210.340.42(5.32)(11.10)(9.72)3.861.430.661.00(23.60)(22.10)(13.30)1.982.132.320.770.740.710.861.000.840.871.010.510.240.980.93Table...

... Chile: Retail Interest Rate Pass- Through AsymmetryTightening Easing TighteningRetail bank rate BaselineEasing Tightening EasingInterest rate cycleRetail bank rate On impactLong-runMean ... an asymmetric pass- through while analyzing periods ofincreasing and decreasing in interest rates. On the other hand, if external shocks were the mainfactor affecting pass- through incompleteness, ... particularly interesting for Chile because they may help us interpret the small cross-country differences in pass- through that we detect in the benchmark results.A. Is Chile’s Interest Rate Pass- Through...