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Financial structure and the interest rate channel of ECB monetary policy

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Author Info
Benoît Mojon () (European Central Bank, Kaiserstrasse 29, Postfach 16 03 19, 60066 Frankfurt am Main, Germany.)

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Abstract

This paper analyses persistence differences in financial structure across countries of the euro area and whether they can lead to asymmetries in the transmission of the ECB policy. First, the paper examines the pass-through of money market rates to various bank retail rates and measures how this has evolved over the past two interest rate cycles. An analysis of panel data suggests that current "country asymmetries" in the response of bank rates to monetary policy should decrease over time by virtue of the implementation of the single monetary policy, money market integration and the growth of debt securities markets and competition among banks. Second, analysis of the balance sheet structure of households and firms shows that the income effects of monetary policy are fairly homogenous in the four largest countries of the euro area, while wealth effects could be stronger in Italy. JEL Classification: E43; E52; G21.

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Paper provided by European Central Bank in its series Working Paper Series with number 40.

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Length: 45 pages
Date of creation: Nov 2000
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Handle: RePEc:ecb:ecbwps:20000040

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Postal: Postfach 16 03 19, Frankfurt am Main, Germany
Phone: +49 69 1344 0
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Related research
Keywords: Transmission mechanism; EMU; financial structure.;

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References listed on IDEAS
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  1. Rudiger Dornbusch & Carlo A. Favero & Francesco Giavazzi, 1998. "The Immediate Challenges for the European Central Bank," NBER Working Papers 6369, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Fase, M. M. G., 1995. "The demand for commercial bank loans and the lending rate," European Economic Review, Elsevier, vol. 39(1), pages 99-115, January. [Downloadable!] (restricted)
  3. Ivo J.M. Arnold & Casper G. de Vries, 1999. "Endogenous Financial Structure and the Transmission of ECB Policy," Tinbergen Institute Discussion Papers 99-021/2, Tinbergen Institute. [Downloadable!]
  4. Fernando Barran & Virginie Coudert & Benoit Mojon, 1996. "The transmission of Monetary Policy in the European Countries," Working Papers 1996-03, CEPII research center. [Downloadable!]
  5. Bernanke, Ben & Gertler, Mark, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Working Papers 95-15, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
    Other versions:
  6. Dr. Peter Kenning & Hilke Plassmann, 2004. "NeuroEconomics," Experimental 0412005, EconWPA. [Downloadable!]
  7. Mester, Loretta J. & Saunders, Anthony, 1995. "When does the prime rate change?," Journal of Banking & Finance, Elsevier, vol. 19(5), pages 743-764, August. [Downloadable!] (restricted)
    Other versions:
  8. Nabar, Prafulla G & Park, Sang Yong & Saunders, Anthony, 1993. "Prime Rate Changes: Is There an Advantage in Being First?," Journal of Business, University of Chicago Press, vol. 66(1), pages 69-92, January. [Downloadable!] (restricted)
  9. Olivier de Bandt & E Philip Davis, 1999. "A cross-country comparison of market structures in European banking," Working Paper Series 7, European Central Bank. [Downloadable!]
  10. Rudi Dornbusch & Carlo Favero & Francesco Giavazzi, 1998. "Immediate challenges for the European Central Bank," Economic Policy, CEPR, CES, MSH, vol. 13(26), pages 15-64, 04. [Downloadable!] (restricted)
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