国际货币基金组织：银行政策传导：来自纳米比亚的证据（英文版）

This paper estimates the strength of monetary policy transmission to bank lending and deposit rates in Namibia under a pegged exchange rate regime. Using local projections, it quantifies the pass‑through of domestic and South African policy rates to aggregate banking interest rates. The results show that the pass‑through is primarily driven by the South African Reserve Bank policy rate, while the effects of domestic policy rates are weaker and less persistent. Transmission is also asymmet