Interest rate liberalization and pass-through of monetary policy rate to bank lending rates in China

作     者：Jingya Li Ming-Hua Liu 

作者机构：Faculty of Business Administration University of Macao Macao China 

出 版 物：《Frontiers of Business Research in China》 (中国高等学校学术文摘·工商管理研究（英文版）)

年 卷 期：2019年第13卷第2期

页      面：212-230页

学科分类：02[经济学] 

主　　题：Interest rate pass-through Interest rate liberalization China Autoregressive distributed lag (ARDL) bound test Error correction model (ECM) 

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 Iong-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.