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Monetary transmission and bank lending in Germany

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Author Info
Kakes, Jan
Sturm, Jan-Egbert
Philipp Maier (Groningen University)

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Abstract

This paper analyses the role of bank lending in the monetary transmission process in Germany. We follow a sectoral approach by distinguishing corporate lending and household lending. We find that banks respond to a monetary contraction by adjusting their securities holdings, rather than reducing their loans portfolio. Most lending categories even show an increase following a monetary tightening. The main implication of our results is that a bank lending channel is not an important transmission mechanism. On the contrary, by insulating their loans portfolio from monetary shocks, banks are more likely to weaken than to strengthen the impact of monetary policy.

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File URL: http://irs.ub.rug.nl/ppn/24106323X
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Publisher Info
Paper provided by University of Groningen, CCSO Centre for Economic Research in its series CCSO Working Papers with number 199906.

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Date of creation: 1999
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Handle: RePEc:dgr:rugccs:199906

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  1. Dietrich Franz, 2006. "Welfarism, Preferencism, Judgmentism," Research Memoranda 005, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
  2. Mohd Zaini Abd Karim & Amy Azhar Mohd Harif & Azira Adziz, 2006. "Monetary Policy and Sectoral Bank Lending in Malaysia," Global Economic Review, Taylor and Francis Journals, vol. 35(3), pages 303-326, September. [Downloadable!] (restricted)
  3. Ivo J.M. Arnold & Clemens J.M. Kool & Katharina Raabe, 2005. "New evidence on the firm size effects in US monetary policy transmission," Working Papers 05-11, Utrecht School of Economics. [Downloadable!]
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This page was last updated on 2009-11-13.

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