出版社：Higher Education Press, co-published with Springer-Verlag GmbH
摘要：We examine whether the effectiveness of the monetary policy rate transmission differs before and after interest rate liberalization in China using the autoregressive distributed lag (ARDL) bound test and an error correction model (ECM). The results show that after liberalization the mark-up is lower, and both the long-run and shortrun interest rate pass-through has become faster and more complete. We attribute our findings to the ongoing reforms of China’s banking system, which has improved the competitiveness of Chinese commercial banks.
关键词：Interest rate pass-through;Interest rate liberalization;China;Autoregressive distributed lag (ARDL) bound test;Error correction model (ECM)
