This study investigates the interest rate pass‐through in Malawi and its implications on monetary policy effectiveness. Using the cost‐of‐funds approach and monthly data from 2009 to 2015, an autoregressive distributed lag model is fitted. Results show that there is a near complete pass‐through to the lending rate but not the savings rate. The magnitude of the pass‐through is relatively higher under smaller banks. The results suggest that the structure of the banking industry matters. Market power is important in understanding the variation in lending and savings rates across banks. Overall, short‐term rates as operating targets are consistent with inflation targeting in Malawi.

中文翻译：

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马拉维的利率传递：对货币政策有效性的影响

本研究调查了马拉维的利率传递及其对货币政策有效性的影响。使用资金成本方法和2009年至2015年的月度数据，拟合了自回归分布式滞后模型。结果显示，贷款利率几乎完全转嫁，但储蓄率几乎没有。在较小的银行中，传递的幅度相对较高。结果表明，银行业的结构至关重要。市场力量对于理解各银行贷款和储蓄率的变化很重要。总体而言，短期利率作为经营目标与马拉维的通胀目标一致。