所属栏目:银行与金融机构/商业银行/2025/2025年第03期

DOI号:https://doi.org/10.1108/CFRI-08-2021-0172

Bank competition, interest rate pass-through and the impact of the global financial crisis: evidence from Hong Kong and Macao
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发布日期:2024年03月22日 上次修订日期:2024年03月22日

摘要

We examine the interest rate pass-through in Hong Kong (HK) and Macao to see if the monetary policy transmission mechanism has been impaired since the Global Financial Crisis (GFC). Our results show that, in the post-GFC period, both the long-run and short-run interest rate pass-through from policy rates to prime rates have disappeared in Macao and weakened significantly in HK. The long-term relationship between deposit rates and policy rates no longer exists in either market while the short-term relationship has been reduced significantly. The results indicate that the effectiveness of the monetary policy in HK and Macao has been seriously undermined after the GFC and alternative monetary policy tools were needed.
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Jingya Li; Zongyuan Li; Minghua Liu Bank competition, interest rate pass-through and the impact of the global financial crisis: evidence from Hong Kong and Macao (2024年03月22日) https://www.cfrn.com.cn/dzqk/detail/15594.html

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