Monetary Policy Transmission in an Era of Financial Fragmentation — When Interest Rates Cease to Be Uniform

金融碎片化时代的货币政策传导——当利率不再具有统一性

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Interest rate changes no longer propagate uniformly across credit markets due to divergent liquidity access and collateral quality.
Small businesses face borrowing costs two to three percentage points above headline policy rates, regardless of central bank signals.

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