An evaluation of the transmission of the policy interest rate to the financial system’s interest rates in Colombia

Ecos de Economía: A Latin American Journal of Applied Economics

Ximena Chavarro-Sanchez¹  Deicy Cristiano-Botia¹  Jose Eduardo Gomez-Gonzalez¹  Carlos Huertas-Campos¹  Eliana González-Molano¹ 

[1]Banco de la República de Colombia

关键词: Monetary policy transmission;    Bank lending;    channel;    Colombia;   

DOI  :  

学科分类：社会科学、人文和艺术（综合）

来源: Universidad Eafit

【 摘 要 】

This paper studies monetary policy transmission using several statistical tools. We find that the relationships between the policy interest rate and the financial system’s interest rates are positive and statistically significant, and transmission is complete eight months after policy shocks occur. The speed of transmission varies according to the type of interest rates. Transmission is faster for interest rates on loans provided to households, and is particularly rapid and complete for rates on preferential commercial loans. Transmission is slower for credit card and mortgage rates, due to regulatory issues (interest rate ceilings).

【 授权许可】

Unknown