Deposit insurance and effectiveness of monetary policy

Mei-Yin Lin

Applied Economics Letters, 2015, vol. 22, issue 18, 1443-1449

Abstract: This article discusses the impact of deposit insurance on the effectiveness of monetary policy. We apply the technique suggested by Zeileis et al. (2010) and use the data of Taiwan to investigate whether there are structural changes in the effectiveness of monetary policy. The empirical results show there are several break points in the interbank interest rate regression and the bank loan regression. The insignificance of estimated coefficients on open market operations in some segmented regressions implies the ineffectiveness of monetary policy during the period of full deposit guarantees.

Date: 2015
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DOI: 10.1080/13504851.2015.1039694

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