Interest rate transmission in Greece: Did EMU cause a structural break?

摘要: Abstract We examine the transmission process of policy rate to lending and deposit rates in Greece for period 1996–2004 within bivariate cointegration error correction framework. A significant structural break takes place with accession into European Monetary Union (EMU) 2001. Then, as a consequence common monetary bank become much more responsive terms impact multipliers speed convergence equilibrium rates. Lower, less volatile fast dynamic properties interest imply better economic climate, necessary though not sufficient condition higher investments growth. However, is still complete even after EMU. This means that positive effects have fully arrived at debtors investors yet.