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Which factors influence the pass-through of changes in policy and money market rates to bank lending rates to firms?
Why didn’t lending rates for bank lending to firms rise as much as policy and money market rates in the recent monetary tightening cycle? Earlier findings that interest rate pass-through is incomplete are based on aggregate data. The question of which factors are at play at the micro (credit) level is yet left unexplored. We pick up on this topic in our study. Our finding: the main factor, alongside the pass-through of funding costs, was a change in the pricing of credit characteristics, while compositional shifts in lending played a minor role.
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