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The influence of EURIBOR on bank lending rates during the period 2003-2010 for the Euro Area

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  • Manuela Gallo

Abstract

The present work aims to test the hypothesis that there is, at least in the short term, a rigidity of bank interest rates to changes in EURIBOR. The examination, conducted with particular reference to the period of recession, shows responsiveness of interest rates almost always less than one unit, and the trend agrees with the sign of the EURIBOR, which results in a contrast to the effectiveness of the maneuvers monetary policy, the viscosity is greater at lower rates than the growth phase and is increasing with the lengthening of loan maturities, the sensitivity is greater in the non-financial corporate sector compared to households.

Suggested Citation

  • Manuela Gallo, 2011. "The influence of EURIBOR on bank lending rates during the period 2003-2010 for the Euro Area," Banca Impresa Società, Società editrice il Mulino, issue 2, pages 143-184.
    • Handle: RePEc:mul:jqmthn:doi:10.1435/35880:y:2011:i:2:p:143-184
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    Keywords

    E43; G21; Interest rate pass-through; interbank interest rate; loans interest rate; euro area.;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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