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Transmission de la politique monétaire et crédit bancaire. Une application à trois pays de l'OCDE

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  • Fernando Barran
  • Virginie Coudert
  • Benoît Mojon

Abstract

[fre] Transmission de la politique monétaire et crédit bancaire. Une application à trois pays de l'OCDE. . Le débat sur les canaux de transmission de la politique monétaire s'est situé récemment sur la question du canal par le crédit bancaire. Nous utilisons ici des modèles VAR pour analyser les effets d'un choc de politique monétaire sur l'économie aux États-Unis, au Japon et en Allemagne. Ces estimations nous permettent aussi de déduire les fonctions de réaction des autorités monétaires. Il en ressort principalement que le canal de transmission de la politique monétaire ne semble pas passer par le crédit bancaire. En effet, au niveau macro-économique, le crédit ne réagit pas de manière significative à une variation du taux d'intérêt. En revanche, les réponses significatives du taux de change et de la masse monétaire confortent plutôt une transmission par ces canaux. [eng] The transmission of monetary policy and bank : the case of three OECD countries. . The debate on monetary policy transmission channels has recently focused on the « bank credit channel ». We have used VAR models in order to simulate the impact of monetary policy shocks on the economies of United States, Japan and Germany. The estimation of the VAR also permits consideration of the reaction function of monetary policy authorities. The main result is that, at least at the macro level, credit does not react significantly following a shock to interest rates. In contrast, the significant reaction of both monetary aggregates and exchange rates confirms the assumption that monetary policy is transmitted through these variables.

Suggested Citation

  • Fernando Barran & Virginie Coudert & Benoît Mojon, 1995. "Transmission de la politique monétaire et crédit bancaire. Une application à trois pays de l'OCDE," Revue Économique, Programme National Persée, vol. 46(2), pages 393-413.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1995_num_46_2_409650
    DOI: 10.3406/reco.1995.409650
    Note: DOI:10.3406/reco.1995.409650
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    1. Fernando Barran & Virginie Coudert & Benoît Mojon, 1996. "The Transmission of Monetary Policy in the European Countries," Working Papers 1996-03, CEPII research center.
    2. Kakes, Jan & Sturm, Jan-Egbert & Philipp Maier, 1999. "Monetary transmission and bank lending in Germany," CCSO Working Papers 199906, University of Groningen, CCSO Centre for Economic Research.
    3. Gambacorta, Leonardo, 2003. "Asymmetric bank lending channels and ECB monetary policy," Economic Modelling, Elsevier, vol. 20(1), pages 25-46, January.
    4. Mna, Ali & Younsi, Moheddine, 2017. "The Credit Channel Transmission of Monetary Policy in Tunisia," MPRA Paper 83519, University Library of Munich, Germany.
    5. Rondorf, Ulrike, 2012. "Are bank loans important for output growth?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 22(1), pages 103-119.

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