Heterogeneous "Credit Channels: and Optimal Monetary Policy in a Monetary Union
AbstractThe growing prospect of European monetary integration has prompted interest in the study of differences in financial systems and their consequences for monetary transmission processes. This paper analyses the case of a monetary union composed of countries with heterogeneous "credit channels". In order to better insulate the economies from the asymmetric effects produced by differences in national financial systems, a money supply process, based on the interest rate on bonds and its spread with respect to the bank lending rate, is proposed.
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Bibliographic InfoPaper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 492.
Length: 56 pages
Date of creation: 1997
Date of revision:
MONETARY AREAS ; MONETARY POLICY ; CREDIT;
Other versions of this item:
- Leonardo Gambacorta, 1998. "Heterogeneous "Credit Channels" and Optimal Monetary Policy in a Monetary Union," Temi di discussione (Economic working papers) 340, Bank of Italy, Economic Research and International Relations Area.
- Gambacorta, L., 1998. "Heterogeneous "Credit Channels" and Optimal Monetary Policy in a Monetary Union," Papers 340, Banca Italia - Servizio di Studi.
- F15 - International Economics - - Trade - - - Economic Integration
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
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- Marco Mazzoli, 2001. "A simple enquiry on heterogeneous lending rates and lending behaviour," Heterogeneity and monetary policy 0105, Universita di Modena e Reggio Emilia, Dipartimento di Economia Politica.
- Paola Dongili & Angelo Zago, 2005. "Bad loans and efficiency in Italian Banks," Working Papers 28, University of Verona, Department of Economics.
- Stefano Siviero & Daniele Terlizzese & Ignazio Visco, 1999.
"Are model-based inflation forecasts used in monetary policymaking? A case study,"
Temi di discussione (Economic working papers)
357, Bank of Italy, Economic Research and International Relations Area.
- Siviero, S. & Terlizzese, D. & Visco, I., 1999. "Are Model-Based Inflation Forecasts Used in Monetary Policymaking? A Case Study," Papers 357, Banca Italia - Servizio di Studi.
- Christophe Hurlin & Rafal Kierzenkowski, 2002. "A Theoretical and Empirical Assessment of the Bank Lending Channel and Loan Market Disequilibrium in Poland," National Bank of Poland Working Papers 22, National Bank of Poland, Economic Institute.
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