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The Monetary Transmission Mechanism: Evidence and Implications for European Monetary Union

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Author Info
Fountas, S.
Papagapitos, A.

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Abstract

The authors provide some evidence consistent with a heterogeneous credit channel of monetary policy transmission in the European Union. Using the techniques of cointegration and Error Correction Models, the authors have shown that the external finance premium is one important leading indicator of real economic activity in some EU countries, namely, Denmark, Finland, Ireland, Italy and and the Netherlands.

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Publisher Info
Paper provided by National University of Ireland, Galway - Department of Economics in its series Department of Economics with number 35.

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Length: 18 pages
Date of creation: 1999
Date of revision:
Handle: RePEc:fth:galeco:35

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Postal: National University of Ireland, Galway - Department of Economics.
Phone: +353-91 524411 ext. 2501
Fax: +353-91 524130
Web page: http://economics.nuigalway.ie/
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Related research
Keywords: MONETARY POLICY ; MONETARY UNION ; CREDIT;

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Find related papers by JEL classification:
E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

Cited by:
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  1. Cobham, Alex, 2001. "EMU, Monetary Policy and the Role of Financial Constraints," EIFC - Technology and Finance Working Papers 6, United Nations University, Institute for New Technologies. [Downloadable!]
  2. Roberto Tamborini & Riccardo Fiorentini, 2001. "The monetary transmission mechanism in Italy: the credit channel and a missing ring," Department of Economics Working Papers 0101, Department of Economics, University of Trento, Italia. [Downloadable!]
    Other versions:
  3. Cândida Ferreira, 2009. "The Credit Channel Transmission of Monetary Policy in the European Union," Working Papers 2009/08, Department of Economics at the School of Economics and Management (ISEG), Technical University of Lisbon.. [Downloadable!]
  4. Cândida Ferreira, 2009. "European Integration and the Credit Channel Transmission of Monetary Policy," Working Papers 2009/07, Department of Economics at the School of Economics and Management (ISEG), Technical University of Lisbon.. [Downloadable!]
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This page was last updated on 2009-11-20.

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