Market Interest Rate Dynamics in Times of Financial Turmoil
Abstract
The significant reduction of the monetary policy rate (MPR) during 2009 has offset the rise in lending rates caused by increased uncertainty in the country and abroad. This paper comes to this conclusion after examining the evolution of interest rates of consumer and commercial loans in order to distinguish between the effects caused by MPR transmission from those caused by the increases in risk premiums occurred in 2008. The above is done through counterfactual simulations using the relevant variables.
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