Analyse du pass-through des taux directeurs sur les taux d'int��r��ts bancaires au Maroc
| Autor: | MSADY Adil, OUAHID Driss, AIT CHEIKH Mohsine |
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| Jazyk: | francouzština |
| Rok vydání: | 2021 |
| Předmět: | |
| DOI: | 10.5281/zenodo.5736291 |
| Popis: | efficace, car cela permet aux autorit��s mon��taires d���assimiler la mani��re avec laquelle les d��cisions mon��taires influencent l�����conomie, afin de d��terminer d���une mani��re ad��quate les instruments �� mobiliser pour pouvoir orienter l'��conomie dans la direction souhait��e. Cette compr��hension est ��troitement li��e �� l���analyse de la transmission du taux d���int��r��t, puisqu���il est le canal traditionnel parmi les diff��rents canaux de transmission mon��taire. Il constitue un outil important dans la prise de d��cisions mon��taires pour aboutir �� une conduite efficace de la politique mon��taire. L���objectif de cet article est d���analyser, pour le cas marocain, la transmission des taux d���int��r��ts directeurs sur les taux d���int��r��ts d��biteurs, afin d���identifier et quantifier l���impact des d��cisions mon��taires qui visent le financement de l�����conomie �� travers le syst��me bancaire. L���estimation du pass-through des taux d���int��r��ts directeurs sur les taux d���int��r��ts des pr��ts bancaires a ��t�� bas��e sur une mod��lisation ARDL et a port�� sur des donn��es en fr��quence trimestrielle couvrant la p��riode 2007-2021. Ces donn��es concernent le Taux Moyen Pond��r�� du March�� Interbancaire (TMP) et le Taux D��biteur Moyen (TDM). Les r��sultats obtenus ont montr�� que le pass-through au Maroc est incomplet �� court terme. C���est-��-dire que la transmission des d��cisions de la politique mon��taire �� travers le canal du taux d���int��r��t reste limit��e. Tandis qu����� long terme, il est significatif et complet, ce qui signifie que les d��cisions des autorit��s mon��taires au Maroc, via le canal du taux d���int��r��t, n��cessitent plus de temps pour que les banques ajustent leurs taux d���int��r��ts et pour que les entreprises et les m��nages puissent sentir l���effet de ces d��cisions. Mots cl��s : Politique mon��taire, pass-through, les taux d���int��r��ts directeurs, les taux d���int��r��ts d��biteurs, mod��le autor��gressif �� retards ��chelonn��s (ARDL). Classification JEL : C32, E44, E52, G20 Understanding transmissions is one of the pillars of developing a modern and effective monetary policy, as this enables monetary authorities to assimilate the way in which monetary decisions influence the economy, in order to determine the instruments to be mobilized in order to be able to steer the economy in the desired direction. This understanding is closely related to the analysis of the transmission of the interest rate, since it is the traditional channel among the various channels of monetary transmission. It is an important tool in monetary decision-making to achieve effective conduct of monetary policy. The objective of this article is to analyze, for the Moroccan case, the transmission of key interest rates on lending interest rates, in order to identify and quantify the impact of monetary decisions aimed at financing the economy through the banking system on interest rates on bank loans. The estimate of the pass-through of key interest rates on bank interest rates was based on an ARDL modeling and covered data on a quarterly frequency covering the period 2007-2021. This data relate to the Weighted Average Rate of the Interbank Market (TMP) and the Average Debit Rate (TDM). The results obtained lead us to suggest that the pass-through in Morocco is incomplete in the short term. That is, the transmission of monetary policy decisions through the interest rate channel remains limited. While in the long term, it is significant and comprehensive, which means that the decisions of the monetary authorities in Morocco, via the interest rate channel, require more time for the banks to adjust their interest rates and to those businesses and households can feel the effect of these decisions. Keywords : Monetary policy, pass-through, key interest rates, lending interest rates, Autoregressive Distributed lag (ARDL). Classification JEL : C32, E44, E52, G20 |
| Databáze: | OpenAIRE |
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