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Monetary transmission and bank lending in the Netherlands

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  • Kakes, Jan

    (Groningen University)

Abstract

This paper investigates the role of bank lending in the monetary transmission process in the Netherlands. We observe significant differences between the responses of corporate and household lending following a monetary shock. We also find that banks hold a buffer stock of securities which they use to offset monetary shocks. The main implication of our study is that a bank lending channel is not likely to be an important transmission mechanism of monetary policy.

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File URL: http://irs.ub.rug.nl/ppn/17297089X
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Bibliographic Info

Paper provided by University of Groningen, Research Institute SOM (Systems, Organisations and Management) in its series Research Report with number 98C30.

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Date of creation: 1998
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Handle: RePEc:dgr:rugsom:98c30

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  1. Haan, L. de & Koedijk, C.G. & Vrijer, E.J. de, 1994. "Buffer stock money and pecking order financing: Results from an interview study among Dutch firms," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3108622, Tilburg University.
  2. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," NBER Working Papers 5146, National Bureau of Economic Research, Inc.
  3. Haan, L. de & Koedijk, C.G. & Vrijer, J.E.J. de, 1992. "Gebruik van kort bankkrediet nader bekeken," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3108734, Tilburg University.
  4. Engle, R. F. & Granger, C. W. J. (ed.), 1991. "Long-Run Economic Relationships: Readings in Cointegration," OUP Catalogue, Oxford University Press, number 9780198283393, Octomber.
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Cited by:
  1. Kakes, Jan, 1998. "Monetary transmission and business cycle asymmetry," Research Report 98C36, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
  2. Krylova, Elizaveta, 2002. "The Credit Channel of Monetary Policy. Case of Austria," Economics Series 111, Institute for Advanced Studies.
  3. Balazs Egert & Ronald MacDonald, 2006. "Monetary Transmission Mechanism in Transition Economies: Surveying the Surveyable," CESifo Working Paper Series 1739, CESifo Group Munich.
  4. Tomasz Åyziak & Jan Przystupa & Ewa Wróbel, 2008. "Monetary Policy Transmission Poland: A study of the importance of interest rate and credit channels," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  5. Ewa Wrobel & Tomasz Lyziak & Jan Przystupa, 2008. "Monetary Policy Transmission in Poland: a Study of the Importance of Interest Rate and Credit Channels," SUERF Studies, SUERF - The European Money and Finance Forum, number 2008/1 edited by Morten Balling.

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