Monetary Transmission and Bank Lending in Portugal: A Sectoral Approach
This paper investigates the role of bank lending in the monetary transmission process in Portugal. The author estimates a small sectoral VAR model of the Portuguese macroeconomy. This model is then used to simulate the effects of an exogenous monetary policy shock upon asset prices, bank balance sheet variables and final target variables (activity and prices), for the personal and corporate sectors. Significant sectoral differences are found among the channels of monetary transmission. In addition, the use of sectoral data facilitates the identification of distinct money and credit channels in the transmission of monetary policy. These results contrast with the ambiguous findings on the roles of money and credit in the literature to date. This study suggests that there is a bank lending channel in Portugal.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Volume (Year): VI (2008)
Issue (Month): 1 (February)
|Contact details of provider:|| |
When requesting a correction, please mention this item's handle: RePEc:icf:icfjmo:v:06:y:2008:i:1:p:34-60. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (G R K Murty)
If references are entirely missing, you can add them using this form.