[4] Other at-call deposit rates are estimated to have been lowered by 40−45 basis points, while interest rates on term deposits have fallen significantly over recent months. The banks have passed on these lower costs of funds to borrowers.
Of course, the existence of commonalities in the historical experience does not amount to rigorous statistical proof that such relationships can be identified in the data and exploited for policy purposes. It has proved difficult to construct a robust economic indicator that provides a reliable signal of growing financial excesses.