The importance of financial structure for monetary transmission in Europe
AbstractCountries differ as to financial structure. That goes also for countries taking part in the Economic and Monetary Union, EMU. As a result, the ECB's monetary policy does not necessarily affect economic activity and price developments in individual euro area countries to the same extent. The study into the importance of financial structure for monetary transmission therefore figures prominently on the agenda of monetary policy makers. This paper, based in part on research done at the Bank, discusses several aspects of the link between monetary transmission and financial structure, and focuses especially on the European situation and the future.
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Bibliographic InfoPaper provided by Netherlands Central Bank, Research Department in its series WO Research Memoranda (discontinued) with number 616.
Date of creation: 2000
Date of revision:
monetary transmission; financial structure; EMU;
Find related papers by JEL classification:
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- G20 - Financial Economics - - Financial Institutions and Services - - - General
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- Michael Ehrmann & Leonardo Gambacorta & Jorge MartÃ¬nez-PagÃ¨s & Patrick Sevestre & Andreas Worms, 2001.
"Fynancial Systems and the Role of Banks in Monetary Policy Transmission in the Euro area,"
Temi di discussione (Economic working papers)
432, Bank of Italy, Economic Research and International Relations Area.
- Sevestre, Patrick & Martinez-Pages, Jorge & Gambacorta, Leonardo & Ehrmann, Michael & Worms, Andreas, 2001. "Financial systems and the role of banks in monetary policy transmission in the euro area," Discussion Paper Series 1: Economic Studies 2001,18, Deutsche Bundesbank, Research Centre.
- Michael Ehrmann & Leonardo Gambacorta & Jorge Martínez-Pagés & Patrick Sevestre & Andreas Worms, 2001. "Financial Systems and the Role of Banks in Monetary Policy Transmission in the Euro Area," Banco de Espaï¿½a Working Papers 0118, Banco de Espa�a.
- Ehrmann, Michael & Gambacorta, Leonardo & Martinéz Pagés, Jorge & Sevestre, Patrick & Worms, Andreas, 2001. "Financial systems and the role of banks in monetary policy transmission in the euro area," Working Paper Series 0105, European Central Bank.
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