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Mr. Nikoloz Gigineishvili

countries, markets, and time periods, implying that retail pricing by banks in different countries and markets reacts differently to monetary policy impulses. 2 However, the literature on determinants of interest rate pass-through is relatively scarce and little is known about the factors that cause these differences. From this point of view, the black box, as Bernanke and Gertler (1995) referred to transmission, remains an unsolved puzzle. Knowing what factors drive bank behavior and market responses to central bank actions would have valuable implications for