Do the different types of financial friction have differential implications for monetary transmission in emerging economies? We investigate this question using India as the country for analysis. We adopt a New Keynesian business cycle model with bank intermediation, extend it by the Indian economy-specific features and validate with the data. The baseline model explains the co-movements of interest rates, incomplete pass-through and sluggish adjustment mechanism of the macro-financial variables for a policy interest rate shock. It identifies the collateral-constrained, financially excluded households and low proportion of savers as the primary sources of frictions causing weak monetary transmission.

中文翻译：

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印度的金融摩擦、银行中介和货币政策传导

不同类型的金融摩擦对新兴经济体的货币传导有不同的影响吗？我们以印度为分析国来调查这个问题。我们采用具有银行中介作用的新凯恩斯主义商业周期模型，通过印度经济特有的特征对其进行扩展，并用数据进行验证。基线模型解释了政策利率冲击的利率联动、传导不完全和宏观金融变量调节机制迟缓。它将抵押品受限、经济上被排斥的家庭和低比例的储户确定为导致货币传导疲软的主要摩擦来源。