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Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy

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  • Angeliki Kourelis
  • Carlo Cottarelli
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    Abstract

    The stickiness of bank lending rates with respect to money market rates is often regarded as an obstacle to the smooth transmission of monetary policy impulses. Yet, no systematic measure of the different degree of lending rate stickiness across countries has been attempted. This paper provides such a measure. It also relates the different degree of lending rate stickiness to structural features of the financial system, such as the existence of barriers to competition, the degree of development of financial markets, and the ownership structure of the banking system. Thus, the paper provides further evidence on the relationship between structural financial policies and monetary policy, as well as on the relevance of credit markets for the monetary policy transmission mechanism. The role of administered discount rates in speeding up the. adjustment of lending rates is also discussed.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 94/39.

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    Length: 66
    Date of creation: 01 Mar 1994
    Date of revision:
    Handle: RePEc:imf:imfwpa:94/39

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