IDEAS home Printed from https://ideas.repec.org/p/ris/bkamdt/2018_004.html
   My bibliography  Save this paper

Pass-through du taux d’intérêt au Maroc : Enseignements à partir de l’enquête trimestrielle sur les taux débiteurs

Author

Listed:
  • Bennouna , Hicham

    (Bank Al-Maghrib, Département de la Recherche)

Abstract

We investigate the relationship between monetary policy decisions and retail lending rates using retail bank interest rates extracted from the quarterly survey conducted by Bank Al-Maghrib. The data covers the rates of new business loans for four market segments (real estate, short-term credit facilities and overdrafts, investment and consumption) broken down by institutional sector (households, non-financial firms and individual entrepreneurs) between 2006Q2 and 2017Q2. We examine the interest rate pass-through mechanism and the speed of adjustment using heterogeneous panel cointegration framework. Our findings suggest that there is a high degree of pass-through heterogeneity over bank products. The long-term pass-through for real estate and investment loans is complete. We reject the completeness hypothesis for short-term credit facilities and consumption loans. Corporate loans are priced more competitive than household and individual entrepreneur products. We find evidence of a homogeneous pricing policy in the long-run, however, the speed of adjustment and the mark-up seem to be heterogeneous across banks depending on their financial structure.

Suggested Citation

  • Bennouna , Hicham, 2018. "Pass-through du taux d’intérêt au Maroc : Enseignements à partir de l’enquête trimestrielle sur les taux débiteurs," Document de travail 2018-4, Bank Al-Maghrib, Département de la Recherche.
    • Handle: RePEc:ris:bkamdt:2018_004
    as

    Download full text from publisher

    File URL: http://www.bkam.ma/content/download/620189/6877916/version/2/file/Pass-through+du+taux+d%E2%80%99int%C3%A9r%C3%AAt+au+Maroc.pdf
    File Function: Full text
    Download Restriction: s.loukili@bkam.ma
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. harraou, Khalid, 2019. "Analyse du pass-through du taux d’intérêt au Maroc [Analysis of the interest rate in Morocco]," MPRA Paper 94968, University Library of Munich, Germany.

    More about this item

    Keywords

    Taux d’intérêt de détail; Pass-through; Hétérogénéité; Modèle à correction d’erreur;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ris:bkamdt:2018_004. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Département Recherche (email available below). General contact details of provider: https://edirc.repec.org/data/bamgvma.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.