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1、2009OxfordBusiness&EconomicsConferenceProgramISBN:978-0-9742114-1-1TheEmergingBRICEconomies:EvidencefromtheInterestRateTransmissionMechanismSteliosKaragiannisCentreforPlanningandEconomicResearch,Athens,GreeceYannisPanagopoulosCentreforPlanningandEconomic
2、ResearchandAthensUniversityofEconomics&Business,Athens,GreeceProdromosVlamis*UniversityofCambridge,U.KABSTRACTThepurposeofthispaperistoexaminetheinterestratetransmissionmechanismfortheemergingBRICeconomies(Brazil,Russia,IndiaandChina).Weanalyzethewaywhol
3、esaleinterestratesaretransmittedtothebankretailratesbothinshortandthelongrunandwetestthesymmetryhypothesis.Adisaggregatederrorcorrectionmodelisappliedfortheestimationoftheinterestratepass-througheffectivenessandasymmetricbehaviourintheseeconomies.Ourresu
4、ltsshowthatrigiditiesinthetransmissionprocessarepresent,significantvariationsacrossBrazil,RussiaandIndiaexistaswellasnon-completeness,atleastinsomecases.Also,thereisaresultwhichiscommonforthethreeeconomiesregardingthepassthroughbehaviour;CBratedecreasesa
5、retransmittedtotheloanrates.Thedifferentiationofbanks’speedofupwardanddownwardadjustmentbehaviourfortheeconomiesanalysedisconsideredasasymmetricinmostofthecasesinbothloananddepositmarkets.WebelievethatourresultscanbeusefulfortheBRICregulatoryauthoritiesi
6、ntheirattempttomonitorthecompetitivenessoftheirbankingsystemsandreinforcefinancialstabilityandmonetarypolicyeffectiveness.*CorrespondingAuthor:UniversityofCambridge,DepartmentofLandEconomy,19Silverstreet,Cambridge,CB39EP,U.K.E-mail:pv214@cam.ac.uk24June2
7、4-26,2009St.Hugh’sCollege,OxfordUniversity,Oxford,UK2009OxfordBusiness&EconomicsConferenceProgramISBN:978-0-9742114-1-11.IntroductionThemainaimofthispaperistounveiltheexistenceandimportanceofaninterestratepassthrough(hereafterPT)behaviourinthesocalledBRI
8、Ceconomies(Brazil,Russia,IndiaandChina).Thesefoureconomiesareconsideredasthedominantemergingmarketeconomiesintermsofoutputgrowthandpopulationsize.Also,ithasbeenarguedbyanumberofeconomiststhatthecombinationoflargehumancapit
