Which have led to significant improvements in the level of efficiency in the banking system and have contributed to the greater speed and magnitude of interest rate pass through
The recent 2008 financial crisis
Which was characterized by severe international financial stress
Has effected Malaysia most adversely
among all Asian economies where Malaysia GDP contracted by about three percent
To mitigate the severity of the
recession
Bank negara malaysia depreciated the exchange rate and cut policy rate by 150 basis points
If the mediums through which they enter the real economy are operating efficiently
According to Haughton and Iglesias