The transmission of monetary policy in Morocco: From policy rate to commercial banks’ lending rates

Anas Mossadak

MPRA Paper from University Library of Munich, Germany

Abstract: The main objective of this paper is to explore the impact of monetary policy decisions on the lending rates of commercial banks in Morocco. For this purpose, A Vector Auto regressive (VAR) model is estimated in order to measure the impact of policy rate variations on the commercial lending rates, namely: treasury rate, consumer credit rate, equipment rate and mortgage rate. The main empirical finding is that variations in policy rate impacts the rates of commercial bank and the effect is more important on the short run than on the longer run rates.

Keywords: Monetary policy; Interest rate channel; VAR; Impulse response functions (search for similar items in EconPapers)
JEL-codes: C13 C54 E51 E52 E58 (search for similar items in EconPapers)
Date: 2017, Revised 2017
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Published in International Journal of Economics, Commerce and Management Issue 12.Vol. V(2017): pp. 1055-1070

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:104578

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