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The structure of credit to the non-goverment sector and the transmission mechanism of monetary policy: a cross-country comparison

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  • Claudio E. V. Borio

Abstract

This paper provides a unique comparative overview of the structure of credit to the non-government sector in 14 industrialised countries and of its evolution over time with a view to casting new light on the implications for the transmission mechanism of monetary policy. The analysis draws on the central bank responses to a detailed questionnaire and other available information. Characteristics covered include, inter alia, breakdowns of credit in terms of instrument, maturity, the adjustability of contractual interest rates, collateral and the degree of control over the amounts of credit granted. The paper identifies similarities and differences across countries and offers conjectures about their influence on the relative importance of the channels through which monetary policy affects economy activity. The paper is part of a broader BIS cross-country study on the impact of financial structure on the transmission mechanism.

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Bibliographic Info

Paper provided by Bank for International Settlements in its series BIS Working Papers with number 24.

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Length: 54 pages
Date of creation: Apr 1995
Date of revision:
Handle: RePEc:bis:biswps:24

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  1. Claudio E. V. Borio & Wilhelm Fritz, 1995. "The response of short-term bank lending rates to policy rates: a cross-country perspective," BIS Working Papers 27, Bank for International Settlements.
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Cited by:
  1. Eickmeier, Sandra & Ng, Tim, 2011. "How Do Credit Supply Shocks Propagate Internationally? A GVAR approach," CEPR Discussion Papers 8720, C.E.P.R. Discussion Papers.

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