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Heterogeneity, monetary policy and banks' balance sheets: evidence from Euro area countries

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  • Roberto A. De Santis

Abstract

We find that during the sample period 1999-2011 monetary policy easing in the Euro area has favoured loan provision relative to other banks' activities in Germany, Italy and France, but not in Spain with a largest extent of unobserved heterogeneity in France and Italy. The impact on the balance sheets of banks also operates through size in Germany, Italy and France; liquidity in Germany; and capital in Spain. During the financial crisis, the direct impact of monetary easing on loan provisions relative to other assets has decreased in Germany and France, while its indirect impact has increased for smaller banks in France and less liquid banks in Germany. These results suggest that monetary policy easing has supported relatively more French small banks and German banks with liquidity constraints.

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  • Roberto A. De Santis, 2015. "Heterogeneity, monetary policy and banks' balance sheets: evidence from Euro area countries," Applied Economics Letters, Taylor & Francis Journals, vol. 22(7), pages 549-557, May.
    • Handle: RePEc:taf:apeclt:v:22:y:2015:i:7:p:549-557
    DOI: 10.1080/13504851.2014.957435
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    Cited by:

    1. Grandi, Pietro, 2019. "Sovereign stress and heterogeneous monetary transmission to bank lending in the euro area," European Economic Review, Elsevier, vol. 119(C), pages 251-273.
    2. Pietro Grandi, 2018. "Sovereign risk and cross-country heterogeneity in the transmission of monetary policy to bank lending in the euro area," Working Papers hal-01878602, HAL.

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