How do the dual effects of financial development change the transmission of monetary policy? – Evidence from China
Author
Abstract
Suggested Citation
DOI: 10.1016/j.najef.2023.101952
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Mishra, Prachi & Montiel, Peter & Pedroni, Peter & Spilimbergo, Antonio, 2014.
"Monetary policy and bank lending rates in low-income countries: Heterogeneous panel estimates,"
Journal of Development Economics, Elsevier, vol. 111(C), pages 117-131.
- Montiel, Peter J & Spilimbergo, Antonio & Mishra, Prachi & Pedroni, Peter, 2014. "Monetary Policy and Bank Lending Rates in Low-Income Countries: Heterogeneous Panel Estimates," CEPR Discussion Papers 10230, C.E.P.R. Discussion Papers.
- Ma, Yong & Lin, Xingkai, 2016. "Financial development and the effectiveness of monetary policy," Journal of Banking & Finance, Elsevier, vol. 68(C), pages 1-11.
- Ashcraft, Adam B. & Campello, Murillo, 2007. "Firm balance sheets and monetary policy transmission," Journal of Monetary Economics, Elsevier, vol. 54(6), pages 1515-1528, September.
- Borio, Claudio & Zhu, Haibin, 2012.
"Capital regulation, risk-taking and monetary policy: A missing link in the transmission mechanism?,"
Journal of Financial Stability, Elsevier, vol. 8(4), pages 236-251.
- Claudio Borio & Haibin Zhu, 2008. "Capital regulation, risk-taking and monetary policy: a missing link in the transmission mechanism?," BIS Working Papers 268, Bank for International Settlements.
- Iacoviello, Matteo & Minetti, Raoul, 2008.
"The credit channel of monetary policy: Evidence from the housing market,"
Journal of Macroeconomics, Elsevier, vol. 30(1), pages 69-96, March.
- Matteo Iacoviello & Raoul Minetti, 2002. "The Credit Channel of Monetary Policy: Evidence from the Housing Market," Boston College Working Papers in Economics 541, Boston College Department of Economics, revised 29 Aug 2003.
- Christina D. Romer & David H. Romer, 1990. "New Evidence on the Monetary Transmission Mechanism," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 21(1), pages 149-214.
- Levine, Ross, 2002.
"Bank-Based or Market-Based Financial Systems: Which Is Better?,"
Journal of Financial Intermediation, Elsevier, vol. 11(4), pages 398-428, October.
- Ross Levine, 2002. "Bank-Based or Market-Based Financial Systems: Which is Better?," William Davidson Institute Working Papers Series 442, William Davidson Institute at the University of Michigan.
- Ross Levine, 2002. "Bank-Based or Market-Based Financial Systems: Which is Better?," NBER Working Papers 9138, National Bureau of Economic Research, Inc.
- Eissa A. Al-Homaidi & Faozi A. Almaqtari & Ali T. Yahya & Amgad S.D. Khaled, 2020. "Internal and external determinants of listed commercial banks' profitability in India: dynamic GMM approach," International Journal of Monetary Economics and Finance, Inderscience Enterprises Ltd, vol. 13(1), pages 34-67.
- Takaoka, Sumiko & Takahashi, Koji, 2022. "Corporate debt and unconventional monetary policy: The risk-taking channel with bond and loan contracts," Journal of Financial Stability, Elsevier, vol. 60(C).
- Aysun, Uluc & Hepp, Ralf, 2011.
"Securitization and the balance sheet channel of monetary transmission,"
Journal of Banking & Finance, Elsevier, vol. 35(8), pages 2111-2122, August.
- Uluc Aysun & Melanie Guldi & Ralf Hepp, 2010. "Securitization and the balance sheet channel of monetary transmission," Working papers 2010-18, University of Connecticut, Department of Economics.
- Uluc Aysun & Ralf Hepp, 2010. "Securitization and the Balance Sheet Channel of Monetary Transmission," Fordham Economics Discussion Paper Series dp2010-05, Fordham University, Department of Economics.
- Mishra, Prachi & Montiel, Peter, 2013.
"How effective is monetary transmission in low-income countries? A survey of the empirical evidence,"
Economic Systems, Elsevier, vol. 37(2), pages 187-216.
- Ms. Prachi Mishra & Mr. Peter J Montiel, 2012. "How Effective is Monetary Transmission in Low-Income Countries? A Survey of the Empirical Evidence," IMF Working Papers 2012/143, International Monetary Fund.
- Mr. Robert J. Corker & Ms. Wanda S Tseng, 1991. "Financial Liberalization, Money Demand, and Monetary Policy in Asian Countries," IMF Occasional Papers 1991/002, International Monetary Fund.
- Barakchian, S. Mahdi & Crowe, Christopher, 2013. "Monetary policy matters: Evidence from new shocks data," Journal of Monetary Economics, Elsevier, vol. 60(8), pages 950-966.
- Prachi Mishra & Peter J Montiel & Antonio Spilimbergo, 2012. "Monetary Transmission in Low-Income Countries: Effectiveness and Policy Implications," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 60(2), pages 270-302, July.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Zhu, Chaowei & Zhang, Fan & Zhang, Yuling, 2023. "Revisiting financial opening and financial development: A regulation heterogeneity perspective," Economic Analysis and Policy, Elsevier, vol. 80(C), pages 181-197.
- Ni, Jianhui & Ruan, Jia, 2024. "Contagion effects of external monetary shocks on systemic financial risk in China: Evidence from the Euro area and Japan," The North American Journal of Economics and Finance, Elsevier, vol. 70(C).
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Ekpeno L. Effiong & Godwin E. Esu & Chuku Chuku, 2020.
"Financial development and monetary policy effectiveness in Africa,"
Journal of Social and Economic Development, Springer;Institute for Social and Economic Change, vol. 22(1), pages 160-181, June.
- Effiong, Ekpeno & Esu, Godwin & Chuku, Chuku, 2017. "Financial Development and Monetary Policy Effectiveness in Africa," MPRA Paper 79732, University Library of Munich, Germany.
- Li, Shuai & Zhan, Shuwei & Zhan, Shurui & Zhan, Minghua, 2023. "How does financial development change the effect of the bank lending channel of monetary policy in developing countries?—Evidence from China," International Review of Economics & Finance, Elsevier, vol. 85(C), pages 502-519.
- Abuka, Charles & Alinda, Ronnie K. & Minoiu, Camelia & Peydró, José-Luis & Presbitero, Andrea F., 2019.
"Monetary policy and bank lending in developing countries: Loan applications, rates, and real effects,"
Journal of Development Economics, Elsevier, vol. 139(C), pages 185-202.
- Abuka, Charles & Alinda, Ronnie K. & Minoiu, Camelia & Peydró, José-Luis & Presbitero, Andrea F., 2019. "Monetary Policy and Bank Lending in Developing Countries: Loan Applications, Rates, and Real Effects," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 139, pages 185-202.
- Charles Abuka & Ronnie K. Alinda & Camelia Minoiu & José-Luis Peydró & Andrea F. Presbitero, 2018. "Monetary policy and bank lending in developing countries: loan applications, rates, and real effects," Economics Working Papers 1703, Department of Economics and Business, Universitat Pompeu Fabra.
- Sanfilippo-Azofra, Sergio & Torre-Olmo, Begoña & Cantero-Saiz, María & López-Gutiérrez, Carlos, 2018. "Financial development and the bank lending channel in developing countries," Journal of Macroeconomics, Elsevier, vol. 55(C), pages 215-234.
- Ms. Grace B Li & Mr. Stephen A. O'Connell & Mr. Christopher S Adam & Mr. Andrew Berg & Mr. Peter J Montiel, 2016. "VAR meets DSGE: Uncovering the Monetary Transmission Mechanism in Low-Income Countries," IMF Working Papers 2016/090, International Monetary Fund.
- Bhattacharya. Rudrani, 2017. "Effectiveness of monetary policy in stabilising food inflation: Evidence from advanced and emerging economies," Working Papers 17/209, National Institute of Public Finance and Policy.
- Barajas, Adolfo & Chami, Ralph & Ebeke, Christian & Oeking, Anne, 2018.
"What's different about monetary policy transmission in remittance-dependent countries?,"
Journal of Development Economics, Elsevier, vol. 134(C), pages 272-288.
- Mr. Adolfo Barajas & Mr. Ralph Chami & Mr. Christian H Ebeke & Anne Oeking, 2016. "What’s Different about Monetary Policy Transmission in Remittance-Dependent Countries?," IMF Working Papers 2016/044, International Monetary Fund.
- Julio Pindado & Ignacio Requejo & Juan C. Rivera, 2020. "Does money supply shape corporate capital structure? International evidence from a panel data analysis," The European Journal of Finance, Taylor & Francis Journals, vol. 26(6), pages 554-584, April.
- Li, Huan & Ni, Jinlan & Xu, Yueli & Zhan, Minghua, 2021. "Monetary policy and its transmission channels: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 68(C).
- Charles Abuka & Ronnie K Alinda & Ms. Camelia Minoiu & José-Luis Peydró & Mr. Andrea F Presbitero, 2015.
"Monetary Policy in a Developing Country: Loan Applications and Real Effects,"
IMF Working Papers
2015/270, International Monetary Fund.
- Camelia Minoui & Charles Abuka & Ronnie K. Alinda & Jose-Luis Peydro & Andrea F. Presbitero, 2015. "Monetary Policy in a Developing Country: Loan applications and Real effects," NCID Working Papers 09/2015, Navarra Center for International Development, University of Navarra.
- Charles Abuka & Ronnie K. Alinda & Camelia Minoiu & Jose-Luis Peydro & Andrea Filippo Presbitero, 2015. "Monetary Policy in a Developing Country: Loan Applications and Real Effects," Mo.Fi.R. Working Papers 114, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
- Bhattacharya, Rudrani & Jain, Richa, 2020. "Can monetary policy stabilise food inflation? Evidence from advanced and emerging economies," Economic Modelling, Elsevier, vol. 89(C), pages 122-141.
- Segev, Nimrod & Schaffer, Matthew, 2020. "Monetary policy, bank competition and regional credit cycles: Evidence from a quasi-natural experiment," Journal of Corporate Finance, Elsevier, vol. 64(C).
- Ma, Yong & Lin, Xingkai, 2016. "Financial development and the effectiveness of monetary policy," Journal of Banking & Finance, Elsevier, vol. 68(C), pages 1-11.
- Bhattacharya, Rudrani, 2023. "Does Monetary Policy in India Anchor Inflation Expectation?," Working Papers 23/395, National Institute of Public Finance and Policy.
- Jahan Abdul Raheem & Gazi M. Hassan & Mark J. Holmes, 2021. "The Impact of Remittances on Monetary Transmission Mechanisms during the Pre and Post-Conflict Eras in Sri Lanka," Working Papers in Economics 21/10, University of Waikato.
- Ekaterina Pirozhkova & Nicola Viegi, 2024.
"The Bank Lending Channel of Monetary Policy Transmission in South Africa,"
Working Papers
202443, University of Pretoria, Department of Economics.
- Ekaterina Pirozhkova & Nicola Viegi, 2024. "The bank lending channel of monetary policy transmission in South Africa," Working Papers 11072, South African Reserve Bank.
- Raslan Alzubi & Mustafa Caglayan & Kostas Mouratidis, 2017.
"The Risk-Taking Channel in the US: A GVAR Approach,"
Working Papers
2017009, The University of Sheffield, Department of Economics.
- Alzuabi, Raslan & Caglayan, Mustafa & Mouratidis, Kostas, 2020. "The Risk-Taking Channel in the US: A GVAR Approach," MPRA Paper 101391, University Library of Munich, Germany.
- Mr. Andrew Berg & Ms. Luisa Charry & Mr. Rafael A Portillo & Mr. Jan Vlcek, 2013. "The Monetary Transmission Mechanism in the Tropics: A Narrative Approach," IMF Working Papers 2013/197, International Monetary Fund.
- Alex Miksjuk & Mr. Sam Ouliaris & Mikhail Pranovich, 2015. "The Game of Anchors: Studying the Causes of Currency Crises in Belarus," IMF Working Papers 2015/281, International Monetary Fund.
- Rakshit, Bijoy & Bardhan, Samaresh, 2023. "Does bank competition affect the transmission mechanism of monetary policy through bank lending channel? Evidence from India," Journal of Asian Economics, Elsevier, vol. 86(C).
More about this item
Keywords
The dual effects of financial development; Interest rate channel; Credit channel; Monetary policy effectiveness;All these keywords.
JEL classification:
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:ecofin:v:68:y:2023:i:c:s106294082300075x. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/620163 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.