Abstract

This study aims to examine the determinants of the MIR interest rate in the Euro area for the period 2003Q1-2015Q3. By employing Fixed and Random Effects as econometric methodologies, I examine whether the MIR rate is affected by the following macroeconomic factors: unemployment rate, inflation rate, GDP growth, political stability index, and wages as percentage of GDP. All these factors have been found to be significant drivers of the MIR rate and thus, they have to be taken into consideration when designing macro-prudential policies. The findings in this paper provide alternative explanations for the empirical evidence concerning interest rate spreads behaviour.

中文翻译：

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欧元区MIR利率保证金的宏观经济决定因素

摘要

本研究旨在研究2003年1季度至2015年3季度欧元区MIR利率的决定因素。通过采用固定效应和随机效应作为计量经济学方法，我研究了MIR率是否受到以下宏观经济因素的影响：失业率，通货膨胀率，GDP增长，政治稳定指数以及工资占GDP的百分比。已经发现所有这些因素都是MIR率的重要驱动因素，因此，在设计宏观审慎政策时必须将它们考虑在内。本文的发现为有关利率利差行为的经验证据提供了替代解释。