This paper empirically examines the pass-through of the Central Bank of Nigeria policy rate to commercial banks' retail rates. The study covers the pre-liberalization (1962M01-1987M07) and post-liberalization (1987M08-2020M09) periods, and em- plys asymmetric cointegration and error-correction...

The Fisher relation played a very different role in debates surrounding the Great Depression and the more recent Great Recession. This paper explores some of these differences, and suggests an explanation for them derived from a sketch of the idea's evolution between the two events, thus...

This study attempts to identify uncertainty in the long-term rate of interest based on the controversial interest rate theories of Keynes and Kalecki. While Keynes stated that the future of the rate of interest is uncertain because it is numerically incalculable, Kalecki was convinced that it...

The duration of a bond approximately measures the interest rate risk caused by parallel shifts of the yield curve. This paper uses a generalization of the duration suggested by Diebold et al. (2006a), that takes the variations of the level, the slope and the curvature of the yield curve into...

The behavior of market forces in macroeconomics is not instantaneous. We cannot experience the impact of those forces instantly like fire or wind. We would feel the behavior of market forces such as inflation, unemployment, stock markets, interest rates and exchange rates only with a time lag...

This study accounts for the nexus between financial development and intra-trade relationships using nine Regional Comprehensive Economic Partnership (RCEP) countries with the extraction of data from secondary sources spanning between 1990 and 2021. The following are the con- clusions drawn from...

Major central banks often accept pooled individual corporate loans as collateral in their refinancing operations with credit institutions. Such "eligible" loans to firms therefore provide a liquidity advantage to the banks that originate them. Banks may in turn pass on this advantage to the...

This study examines the sensitivity of the Thai stock market to nominal and real interest rate, and exchange rate risks during January 2004 and December 2015 using quantile regression. The analysis focuses on sectoral level and one main index in the stock market. The empirical results show that...

Bank distress can have severe negative consequences for the stability of the financial system, the real economy, and public finances. Regimes for restructuring and restoring banks financed by bank levies and fiscal backstops seek to reduce these costs. Bank levies attempt to internalize systemic...

Bank distress can have severe negative consequences for the stability of the financial system, the real economy, and for public finances. Regimes for the restructuring and resolution of banks, financed by bank levies and fiscal backstops, seek to reduce these costs. Bank levies attempt to...