Financial structure and the transmission of monetary shocks: preliminary evidence for the Czech Republic, Hungary and Poland
AbstractThe paper analyses the financial structure of the private sector in the Czech Republic, Hungary and Poland and assesses its implications for the monetary transmission mechanism. The financial accounts of these countries provide a picture of a private sector which is predictably financially less mature than the EU average: the corporate sector relies significantly on non-market financial liabilities (such as trade credits and non-traded shares) and bears a substantial exchange rate risk; the household sector is less sophisticated both in terms of financial assets, whose composition is tilted towards bank deposits, and liabilities, the volume of which is still negligible. VAR system estimates conducted separately on each acceding country suggest that, despite the inferior financial development of these countries, the co-movement of macroeconomic variables conditional on a monetary policy shock is similar across countries and not dissimilar to what is found in the more advanced economies.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Bank of Italy, Economic Research and International Relations Area in its series Temi di discussione (Economic working papers) with number 514.
Date of creation: Jul 2004
Date of revision:
Financial structure; identified VAR; monetary policy shock; price puzzle.;
Find related papers by JEL classification:
- C30 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - General
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-01-24 (All new papers)
- NEP-CBA-2006-01-24 (Central Banking)
- NEP-FMK-2006-01-24 (Financial Markets)
- NEP-IFN-2006-01-24 (International Finance)
- NEP-MAC-2006-01-24 (Macroeconomics)
- NEP-MON-2006-01-24 (Monetary Economics)
- NEP-TRA-2006-01-24 (Transition Economics)
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Jérôme Creel & Sandrine Levasseur, 2006. "Canaux de transmission de la politique monétaire dans l'ue. Le cas de trois nouveaux entrants," Revue économique, Presses de Sciences-Po, vol. 57(4), pages 881-898.
- Riccardo Bonci & Francesco Columba, 2007. "The Effects Of Monetary Policy Shocks On Flow Of Funds:The Italian Case," Money Macro and Finance (MMF) Research Group Conference 2006 75, Money Macro and Finance Research Group.
- Danny Pitzel & Lenno Uusküla, 2007.
"The Effect of Financial Depth on Monetary Transmission,"
The IUP Journal of Monetary Economics,
IUP Publications, vol. 0(2), pages 63-73, May.
- Danny Pitzel & Lenno Uusküla, 2005. "The Effect of Financial Depth on Monetary Transmission," Bank of Estonia Working Papers 2005-10, Bank of Estonia, revised 10 Oct 2005.
- Jarociński, Marek, 2008.
"Responses to monetary policy shocks in the east and the west of Europe: a comparison,"
Working Paper Series
0970, European Central Bank.
- Marek Jarocinski, 2010. "Responses to monetary policy shocks in the east and the west of Europe: a comparison," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 25(5), pages 833-868.
- Marek Jarocinski, 2006. "Responses to Monetary Policy Shocks in the East and the West of Europe: A Comparison," Working Papers 124, Oesterreichische Nationalbank (Austrian Central Bank).
- Marek Jarocinski, 2004. "Responses to Monetary Policy Shocks in the East and the West of Europe: A Comparison," CASE Network Studies and Analyses 0287, CASE-Center for Social and Economic Research.
- Ziaei, Sayyed Mahdi, 2009. "Assess The Long Run Effects Of Monetary Policy On Bank lending,Foreign Asset and Liability In MENA Countries," MPRA Paper 14331, University Library of Munich, Germany.
- Jerome Creel & Sandrine Levasseur, 2005.
"Monetary policy transmission mechanisms in the CEECs: How important are the differences with the euro area?,"
Documents de Travail de l'OFCE
2005-02, Observatoire Francais des Conjonctures Economiques (OFCE).
- Jérôme Creel* & Sandrine Levasseur, 2007. "Monetary Policy Transmission Mechanisms in the CEECs: How Important are the Differences with the Euro Area?," The IUP Journal of Monetary Economics, IUP Publications, vol. 0(1), pages 30-59, February.
- Jérôme Creel & Sandrine Levasseur, 2005. "Monetary policy transmission mechanisms in the CEECs: How important are the differences with the euro area?," Sciences Po publications 2005-02, Sciences Po.
- Ivan Todorov, 2013. "The Monetary Integration of the New Member States before the Euro Area Debt Crisis," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 11(4 (Winter), pages 375-390.
- William T. Gavin & David M. Kemme, 2007.
"Using extraneous information to analyze monetary policy in transition economies,"
2004-034, Federal Reserve Bank of St. Louis.
- Gavin, William T. & Kemme, David M., 2009. "Using extraneous information to analyze monetary policy in transition economies," Journal of International Money and Finance, Elsevier, vol. 28(5), pages 868-879, September.
- OROS, Cornel & ROMOCEA-TURCU, Camelia, 2009. "The Monetary Transmission Mechanisms In The Ceecs: A Structural Var Approach," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 9(2).
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().
If references are entirely missing, you can add them using this form.