Macroeconomic determinants of MIR interest rate margin in the euro area

IF 1.7 Q3 BUSINESS, FINANCE

Journal of Central Banking Theory and Practice Pub Date : 2021-01-01 DOI:10.2478/jcbtp-2021-0002

D. Anastasiou

引用次数: 0

Abstract

Abstract This study aims to examine the determinants of the MIR interest rate in the Euro area for the period 2003Q1-2015Q3. By employing Fixed and Random Effects as econometric methodologies, I examine whether the MIR rate is affected by the following macroeconomic factors: unemployment rate, inflation rate, GDP growth, political stability index, and wages as percentage of GDP. All these factors have been found to be significant drivers of the MIR rate and thus, they have to be taken into consideration when designing macro-prudential policies. The findings in this paper provide alternative explanations for the empirical evidence concerning interest rate spreads behaviour.

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欧元区MIR利率差的宏观经济决定因素

摘要本研究旨在检验2003年第一季度至2015年第三季度欧元区MIR利率的决定因素。通过采用固定和随机效应作为计量经济学方法，我研究了MIR率是否受到以下宏观经济因素的影响：失业率、通货膨胀率、GDP增长、政治稳定指数和工资占GDP的百分比。所有这些因素都被发现是MIR利率的重要驱动因素，因此，在设计宏观审慎政策时必须考虑这些因素。本文的研究结果为有关利差行为的经验证据提供了另一种解释。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Central Banking Theory and Practice BUSINESS, FINANCE-

CiteScore

2.80

自引率

57.10%

发文量

审稿时长

7 weeks

期刊介绍： Journal of Central Banking Theory and Practice is a scientific journal dedicated to publishing quality papers and disseminating original, relevant and applicable economic research. Scientific and professional papers that are published in the Journal of Central Banking Theory and Practice cover theoretical and practical aspects of central banking, monetary policy, including the supervision issues, as well as banking and management in central banks. The purpose of the journal is to educate the general public about the key issues that the central bankers globally face, as well as about contemporary research and achievements in the field of central banking theory and practice.