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The impact of banking behaviour on monetary strategy

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  • Borchert, Manfred
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    Abstract

    At present, Western European banks are increasingly branching out into asset management as well as the consulting business, which cannot be influenced directly by monetary controls. We have therefore conducted a factor analysis of banks' balance-sheet items, and we have also plotted figures from banks' income statements. Our analyses fulfil a triple purpose. First, they shed much light on the positioning strategies deployed by European banks. Secondly, they reveal various tendencies in respect of the refinancing strategies that are adopted when credits are granted to non-banks. Thirdly, they facilitate an assessment of the effectiveness of monetary policy. There is clear evidence that the European Central Bank's money supply policy will prove progressively less efficient as banks resort increasingly to refinancing by assets and continue to expand their banking services by building up their consulting businesses. --

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    Bibliographic Info

    Paper provided by Center of Applied Economic Research Münster (CAWM), University of Münster in its series Beiträge zur angewandten Wirtschaftsforschung with number 5.

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    Date of creation: 2004
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    Handle: RePEc:zbw:cawmbg:5

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    Keywords: Banking structure; Banking market; Banks' business strategies;

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    1. Ben S. Bernanke & Kenneth N. Kuttner, 2004. "What explains the stock market's reaction to Federal Reserve policy?," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2004-16, Board of Governors of the Federal Reserve System (U.S.).
    2. Rudebusch, Glenn D & Svensson, Lars E O, 2000. "Eurosystem Monetary Targeting: Lessons from US Data," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2522, C.E.P.R. Discussion Papers.
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    4. Albert Jaeger, 2003. "The ECB'S Money Pillar," IMF Working Papers 03/82, International Monetary Fund.
    5. Frederic S. Mishkin, 2001. "The Transmission Mechanism and the Role of Asset Prices in Monetary Policy," NBER Working Papers 8617, National Bureau of Economic Research, Inc.
    6. S. Mishkin, Frederic, 1999. "Financial consolidation: Dangers and opportunities," Journal of Banking & Finance, Elsevier, Elsevier, vol. 23(2-4), pages 675-691, February.
    7. Benjamin M. Friedman, 2004. "Why the Federal Reserve Should Not Adopt Inflation Targeting," International Finance, Wiley Blackwell, Wiley Blackwell, vol. 7(1), pages 129-136, 03.
    8. Milbourn, Todd T. & Boot, Arnoud W. A. & Thakor, Anjan V., 1999. "Megamergers and expanded scope: Theories of bank size and activity diversity," Journal of Banking & Finance, Elsevier, Elsevier, vol. 23(2-4), pages 195-214, February.
    9. Bagliano, Fabio C. & Dalmazzo, Alberto & Marini, Giancarlo, 2000. "Bank competition and ECB's monetary policy," Journal of Banking & Finance, Elsevier, Elsevier, vol. 24(6), pages 967-983, June.
    10. Svensson, Lars & Woodford, Michael, 2000. "Indicator Variables for Optimal Policy," Seminar Papers, Stockholm University, Institute for International Economic Studies 688, Stockholm University, Institute for International Economic Studies.
    11. Issing, Otmar, 2001. "The Euro Area and the Single Monetary Policy," International Journal of Finance & Economics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 6(4), pages 277-88, October.
    12. Otmar Issing, 2001. "The EURO Area and the single monetary policy," Working Papers, Oesterreichische Nationalbank (Austrian Central Bank) 44, Oesterreichische Nationalbank (Austrian Central Bank).
    13. Karen Cabos & Michael Funke & Nikolaus A. Siegfried, 2001. "Some Thoughts on Monetary Targeting vs. Inflation Targeting," German Economic Review, Verein für Socialpolitik, Verein für Socialpolitik, vol. 2(3), pages 219-238, 08.
    14. Agnes Belaisch & Joaquim Vieira Ferreira Levy & Laura E. Kodres & Angel J. Ubide, 2001. "Euro-Area Banking At the Crossroads," IMF Working Papers 01/28, International Monetary Fund.
    15. Luigi Zingales & Raghuram G. Rajan, 2003. "Banks and Markets: The Changing Character of European Finance," NBER Working Papers 9595, National Bureau of Economic Research, Inc.
    16. Bossone, Biagio, 2001. "Circuit theory of banking and finance," Journal of Banking & Finance, Elsevier, Elsevier, vol. 25(5), pages 857-890, May.
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