Interest rate pass-through in an enlarged Europe: the role of banking market structure for monetary policy transmission in transition countries

摘要: This study investigates the transmission of monetary policy onto retail bank interest rates inthe eight Central and Eastern European countries (CEECs) that joined Union in2004. Focussing on period from 1993 to 2003, we employ a unifying empirical passthrough model allows for thresholds, asymmetric adjustment, structural changes over time. Our results show pass-through in many CEECs is faster more complete than eurozone there may be high potential convergence across with market concentration, health, foreign participation regime as conditioning factors.