POLITIQUE MONETAIRE : ANALYSE DE LA REPERCUSSION DES MODIFICATIONS DU TAUX DIRECTEUR SUR LES TAUX BANCAIRES

Abstract

The study aims to evaluate empirically, in the case of Madagascar, the repercussion of the policy rate of the Central Bank of Madagascar on the rates practiced by the commercial banks of the place both on loans (debt rates) and on deposits (deposit rates). An error correction model is used to evaluate the impact of the central bank's policy rate on bank rates over the period from 1990 to 2010. The results reveal that the policy rate constitutes, in the short term, the main determinant lending rates. Indeed, a change in the policy rate has an impact on lending rates. On the other hand, this is not a determining factor in short-term deposit rates. The average adjustment times are not identical for lending and credit rates: the adjustment is much quicker at the level of lending rates compared to that of deposit rates. Likewise, the extent of the impact on rates is also different