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Symmetric or Asymmetric Interest Rate Adjustments? Evidence from Southeastern Europe

The purpose of this paper is to examine how effectively the wholesale interest rates are transmitted to the retail rates and whether the interest rate passthrough is symmetric or asymmetric in Greece, Bulgaria, and Slovenia. The disaggregated general-to-specific methodology is applied for testing the symmetry hypothesis in these economies. It is evident from our results that variations exist across the countries examined regarding the monetary transmission process and the symmetry hypothesis alike. This can be interpreted as an indication of a different level of competition, development, and liberalization among the banking systems in these Southeastern European economies.