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Banks and monetary transmission in Europe: empirical evidence

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  • G.J. DE BONDT

    (De Nederlandsche Bank)

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    Abstract

    The present work examines bank lending behaviour in continental Europe. An empirical analysis is performed using bank-level panel data for fiscal years 1990-1995 to investigate the existence of a bank lending and balance sheet channel in Europe. The results reveal that monetary policy in continental Europe matter most for small banks and for banks with relatively illiquid balance sheets. Most of the findings point to the existence of a bank lending channel in Germany and the Netherlands.

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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10538/10423
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    Bibliographic Info

    Article provided by Banca Nazionale del Lavoro in its journal Banca Nazionale del Lavoro Quarterly Review.

    Volume (Year): 52 (1999)
    Issue (Month): 209 ()
    Pages: 149-168

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    Handle: RePEc:psl:bnlqrr:1999:22

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    Related research

    Keywords: Banking industry; Europe; Economic policy;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Jeremy C. Stein, 1998. "An Adverse-Selection Model of Bank Asset and Liability Management with Implications for the Transmission of Monetary Policy," RAND Journal of Economics, The RAND Corporation, vol. 29(3), pages 466-486, Autumn.
    2. Joe Peek & Eric Rosengren, 1991. "The capital crunch: neither a borrower nor a lender be," Working Papers 91-4, Federal Reserve Bank of Boston.
    3. Mark Gertler & Simon Gilchrist, 1993. "Monetary policy, business cycles and the behavior of small manufacturing firms," Finance and Economics Discussion Series 93-4, Board of Governors of the Federal Reserve System (U.S.).
    4. Anil K Kashyap & Jeremy C. Stein, 1994. "The Impact of Monetary Policy on Bank Balance Sheets," NBER Working Papers 4821, National Bureau of Economic Research, Inc.
    5. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 27-48, Fall.
    6. Jith Jayaratne & Donald Morgan, 1997. "Information problems and deposit constraints at banks," Research Paper 9731, Federal Reserve Bank of New York.
    7. Bernanke, Ben & Gertler, Mark & Gilchrist, Simon, 1996. "The Financial Accelerator and the Flight to Quality," The Review of Economics and Statistics, MIT Press, vol. 78(1), pages 1-15, February.
    8. Gertler, Mark & Gilchrist, Simon, 1993. " The Role of Credit Market Imperfections in the Monetary Transmission Mechanism: Arguments and Evidence," Scandinavian Journal of Economics, Wiley Blackwell, vol. 95(1), pages 43-64.
    9. H.M.M. Peeters, 1998. "Monetary Conditions in Europe: a methodological analysis," WO Research Memoranda (discontinued) 547, Netherlands Central Bank, Research Department.
    10. Anil K. Kashyap & Jeremy C. Stein, 1997. "The role of banks in monetary policy: a survey with implications for the European Monetary Union," Economic Perspectives, Federal Reserve Bank of Chicago, issue Sep, pages 2-18.
    11. Joe Peek & Eric S. Rosengren, 1995. "Bank lending and the transmission of monetary policy," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 39, pages 47-79.
    12. Anil K Kashyap & Jeremy C. Stein, 1997. "What Do a Million Banks Have to Say About the Transmission of Monetary Policy?," NBER Working Papers 6056, National Bureau of Economic Research, Inc.
    13. Angeloni,I. & Buttiglione,L. & Ferri,G. & Gaiotti,E., 1995. "The Credit Channel of Policy Across Heterogeneous Banks:the Case of Italy," Papers 256, Banca Italia - Servizio di Studi.
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    Citations

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    Cited by:
    1. Jean-Bernard Chatelain & Michael Ehrmann & Andrea Generale & Jorge Martínez-Pagés & Philip Vermeulen & Andreas Worms, 2003. "Monetary Policy Transmission in the Euro Area: New Evidence From Micro Data on Firms and Banks," Journal of the European Economic Association, MIT Press, vol. 1(2-3), pages 731-742, 04/05.
    2. Michael Frömmel & Torsten Schmidt, 2006. "Bank Lending and Asset Prices in the Euro Area," RWI Discussion Papers 0042, Rheinisch-Westfälisches Institut für Wirtschaftsforschung.
    3. Gambacorta, Leonardo, 2001. "Bank-specific characteristics and monetary policy transmission: the case of Italy," Working Paper Series 0103, European Central Bank.
    4. repec:hal:journl:halshs-00119489 is not listed on IDEAS
    5. G.J. De Bondt, 1999. "Credit channels in Europe: a cross-country investigation," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 52(210), pages 295-326.
    6. Sylvia Kaufmann & Sylvia Frühwirth-Schnatter, 2006. "How do changes in monetary policy affect bank lending? An analysis of Austrian bank data," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 21(3), pages 275-305.
    7. Brissimis, Sophocles N. & Delis, Manthos D., 2009. "Identification of a loan supply function: A cross-country test for the existence of a bank lending channel," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 19(2), pages 321-335, April.
    8. L. de Haan, 2001. "The Credit Channel in the Netherlands: Evidence from Bank Balance Sheets," WO Research Memoranda (discontinued) 674, Netherlands Central Bank, Research Department.
    9. Gambacorta, Leonardo & Mistrulli, Paolo Emilio, 2004. "Does bank capital affect lending behavior?," Journal of Financial Intermediation, Elsevier, vol. 13(4), pages 436-457, October.
    10. repec:onb:oenbwp:y::i:85:b:1 is not listed on IDEAS
    11. G.J. De Bondt, 1999. "Credit channels in Europe: a cross-country investigation," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 52(210), pages 295-326.
    12. Oliver Hülsewig & Peter Winker & Andreas Worms, 2004. "Bank Lending and Monetary Policy Transmission: A VECM Analysis for Germany," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 224(5), pages 511-529, September.
    13. Sylvia Fruehwirth-Schnatter & Sylvia Kaufmann, 2003. "Investigating asymmetries in the bank lending channel. An analysis using Austrian banks’ balance sheet data," Working Papers 85, Oesterreichische Nationalbank (Austrian Central Bank).
    14. Leonardo Gambacorta & Paolo Emilio Mistrulli, 2003. "Bank Capital and Lending Behaviour: Empirical Evidence for Italy," Temi di discussione (Economic working papers) 486, Bank of Italy, Economic Research and International Relations Area.

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