Philipp Engler (Free University Berlin) Terhi Jokipii (Institute for International Integration Studies, Trinity College Dublin) Christian Merkl (Kiel Institute for World Economics and Kiel University) Pablo Rovira Kaltwasser (Catholic University of Leuven) Lúcio Vinhas de Souza (Kiel Institute for World Economics.)
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This paper analyzes the role of bank capitalization on the transmission of monetary policy, using a quarterly dataset for Austrian banks spanning from 1997 to 2003. A substantial understanding of the transmission mechanism in different countries of the euro zone is not only of academic interest, but also an important prerequisite for central bankers to effectively accomplish their monetary policy goals. While we do find evidence in favor of the bank lending channel, with an important role active for capitalization, we are unable to confirm whether the bank capital channel is in force in Austria. Our results indicate some counter-cyclicality in lending activity, a finding that is in line with the existing Austrian literature.
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Paper provided by Oesterreichische Nationalbank (Austrian Central Bank) in its series Working Papers with number
99.
Find related papers by JEL classification: E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
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