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Sixth Annual Conference of the Central Bank of Chile

Banking Industry and Monetary Policy Transmission

Santiago, Chile, December 12 - 13, 2002

The purpose of this year’s Annual Conference is to discuss frontier research and policy issues on the relation between monetary policy and financial markets, focusing on two topics. The first is Credit and Interest-Rate Channels of Monetary Policy. Recent evidence suggests that reductions in monetary policy rates are not necessarily followed by a similar decline in banking interest rates of different terms or products. Various hypotheses could explain this sluggish response of banking market rates. The discussion of monetary policy transmission will examine theoretical explanations and empirical evidence from industrialized and developing countries, with a particular emphasis on the Chilean experience.

The second topic of the Conference focuses on Banking Market Structure, Competition, and Deposit Insurance. The industrial organization of banks is not only key for explaining monetary policy transmission but is also important to ensure efficient saving and investment decisions and achieve an efficient savings portfolio. The studies discussed at the Conference will address questions concerning market concentration, the borrower-lender relationship, deposit insurance, and taxation of financial intermediation. All these topics have important policy implications that will be addressed in the discussions.

The Conference will conclude with a roundtable discussion on further insights regarding practical aspects and policy implications of the topics dealt with thereat. Distinguished central bank board members will deliver the conference keynote speech and invited lectures. It will also bring together policy makers, academics, business people, and representatives of international institutions.

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