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

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  • Mossadak, Anas

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.

Suggested Citation

  • Mossadak, Anas, 2017. "The transmission of monetary policy in Morocco: From policy rate to commercial banks’ lending rates," MPRA Paper 104578, University Library of Munich, Germany, revised 2017.
    • Handle: RePEc:pra:mprapa:104578
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    File URL: https://mpra.ub.uni-muenchen.de/104578/1/MPRA_paper_104578.pdf
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    References listed on IDEAS

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    1. Bernanke, Ben S & Blinder, Alan S, 1992. "The Federal Funds Rate and the Channels of Monetary Transmission," American Economic Review, American Economic Association, vol. 82(4), pages 901-921, September.
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    12. Kashyap, Anil K. & Mojon, Benoît & Terlizzese, Daniele & Backé, Peter, 2002. "Monetary Transmission in the Euro Area : Where Do We Stand?," Working Paper Series 114, European Central Bank.
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    Cited by:

    1. Adil Boutfssi & Tarik Quamar, 2026. "Short-Run Monetary Policy Transmission, Credit Risk, and Bank Portfolio Adjustments: Evidence from the Non-Financial Corporate Sector in an Emerging Economy [Transmission de la politique monétaire à court terme, risque de crédit et ajustements de ," Post-Print hal-05541737, HAL.

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    Keywords

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    JEL classification:

    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
    • C54 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Quantitative Policy Modeling
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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