期刊名称：Journal of Islamic Monetary Economics and Finance
印刷版ISSN：2460-6146
电子版ISSN：2460-6618
出版年度：2019
卷号：5
期号：2
页码：287-320
DOI：10.21098/jimf.v5i2.1064
语种：English
出版社：Bank Indonesia
摘要：This study investigates the comparative pass-through of policy rate to the retail prices,spillover of prices between Islamic and conventional banking systems,and the impact of excess liquidity on these pass-throughs using data from interbank market of Pakistan.The results suggest that the monetary policy shock affect retail prices of Islamic banks similar to conventional banks,confirming the results of earlier studies.Moreover,there is a strong spillover between the prices of two systems;Islamic banks are following (leading) the conventional banks in pricing the lending (deposit) products.Islamic bank has acquired advantage in the deposit pricing by taping the religious depositors,which also may have promoted financial inclusion thereby contributing to the economic growth and improved income distribution in the society.Our findings suggest that the presence of excess liquidity have no effect on passthrough of policy rate in the Islamic system,which is contrary to the prevalent notion.However,excess liquidity significantly affects the spillovers of prices between the systems.These results support the hypothesis that the Islamic banks are investing in interest-based government securities indirectly via conventional banks.Our findings may help in enhancing the regulatory efficiency of the central banks and the conduct of the monetary policy in the countries where dual banking system exists.
