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Asymétries financières et transmission de la politique monétaire en Europe

  • Benoît Mojon
  • Virginie Coudert

[fre] Asymétries financières et transmission de la politique monétaire en Europe par Virginie Coudert et Benoît Mojon . Dans la perspective d'une politique monétaire unique en Europe, il est essentiel de savoir si une même politique monétaire a un impact similaire sur les économies nationales. Malgré l'utilisation générale du taux d'intérêt comme instrument par les banques centrales, les canaux de transmission de la politique monétaire à la sphère réelle sont multiples. En plus du canal de type ISLM qui transite par la monnaie ou le taux d'intérêt et le canal du taux de change dont l'impact sur les prix et le commerce extérieur sont bien connus, un canal de transmission par le crédit a été récemment mis en avant par une littérature abondante. La dépendance au crédit bancaire de certaines catégories d'agents, les ménages et les PME, introduit un canal de transmission si les banques modifient leur offre de crédit selon la tension de la politique monétaire. L'importance relative de ces différents canaux, dont les effets peuvent être contradictoires, conditionne l'efficacité de la politique monétaire. Or, tout porte à croire que ces canaux de transmission peuvent différer d'un pays à l'autre, voire d'une période à l'autre pour un même pays, parce que l'organisation institutionnelle des systèmes financiers est différente et qu'elle évolue dans le temps. [eng] Financial Asymmetries and Monetary Policy Transmission by Virginie Coudert and Benoît Mojon . In view of an impending single monetary policy in Europe, it is essential to know whether one and the same monetary policy has a similar effect on national economies. Despite the prevalent use of the interest rate as an instrument by the central banks, there are numerous channels via which monetary policy is transmitted to the real sphere. In addition to the IS-LM channel concerning the money supply and interest rates, and the exchange rate channel with its well-known effect on prices and foreign trade, a credit transmission channel has recently been highlighted by numerous studies. Dependency on bank loans by certain categories of players, households and SMEs, introduces a transmission channel when banks adjust their credit supply in line with the tightness of the monetary policy. The relative weight of these different channels, with their potentially contradictory effects, conditions the efficiency of the monetary policy. Yet there are good grounds for believing that these transmission channels can differ from one country to another and even from one period to another in a single country. This is because the institutional organisation of the financial system differs and changes over time.

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Article provided by Programme National Persée in its journal Économie & prévision.

Volume (Year): 128 (1997)
Issue (Month): 2 ()
Pages: 41-60

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Handle: RePEc:prs:ecoprv:ecop_0249-4744_1997_num_128_2_5848
Note: DOI:10.3406/ecop.1997.5848
Contact details of provider: Web page: http://www.persee.fr/web/revues/home/prescript/revue/ecop

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  1. Jappelli, Tullio & Pagano, Marco, 1992. "Saving, Growth and Liquidity Constraints," CEPR Discussion Papers 662, C.E.P.R. Discussion Papers.
  2. Angeliki Kourelis & Carlo Cottarelli, 1994. "Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy," IMF Working Papers 94/39, International Monetary Fund.
  3. Sims, Christopher A., 1992. "Interpreting the macroeconomic time series facts : The effects of monetary policy," European Economic Review, Elsevier, vol. 36(5), pages 975-1000, June.
  4. Campbell, J.Y. & Perron, P., 1991. "Pitfalls and Opportunities: What Macroeconomics should know about unit roots," Papers 360, Princeton, Department of Economics - Econometric Research Program.
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  6. Christina D. Romer and David H. Romer., 1989. "Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz," Economics Working Papers 89-107, University of California at Berkeley.
  7. Dale, Spencer & Haldane, Andrew G., 1995. "Interest rates and the channels of monetary transmission: Some sectoral estimates," European Economic Review, Elsevier, vol. 39(9), pages 1611-1626, December.
  8. Jacques Mélitz & Hélène Erkel-Rousse, 1997. "Une nouvelle évaluation empirique des coûts de l'Union monétaire européenne," Économie et Prévision, Programme National Persée, vol. 128(2), pages 21-39.
  9. Stefan Gerlach & Frank Smets, 1995. "The monetary transmission mechanism: Evidence from the G-7 countries," BIS Working Papers 26, Bank for International Settlements.
  10. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 27-48, Fall.
  11. Fernando Barran & Virginie Coudert & Benoît Mojon, 1994. "Transmission de la politique monétaire et crédit, une application à 5 pays de l'OCDE," Working Papers 1994-03, CEPII research center.
  12. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
  13. Ben Bernanke, 1990. "The Federal Funds Rate and the Channels of Monetary Transnission," NBER Working Papers 3487, National Bureau of Economic Research, Inc.
  14. Christian Bordes & Velayoudom Marimoutou & Éric Girardin, 1995. "Les effets des variations de taux d'intérêt dans le nouvel environnement financier français," Revue Économique, Programme National Persée, vol. 46(3), pages 635-644.
  15. Claudio E. V. Borio & Wilhelm Fritz, 1995. "The response of short-term bank lending rates to policy rates: a cross-country perspective," BIS Working Papers 27, Bank for International Settlements.
  16. Carlo Cottarelli & Angeliki Kourelis, 1994. "Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy," IMF Staff Papers, Palgrave Macmillan, vol. 41(4), pages 587-623, December.
  17. Friedman, Benjamin M & Kuttner, Kenneth N, 1992. "Money, Income, Prices, and Interest Rates," American Economic Review, American Economic Association, vol. 82(3), pages 472-92, June.
  18. Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 1994. "The Effects of Monetary Policy Shocks: Some Evidence from the Flow of Funds," NBER Working Papers 4699, National Bureau of Economic Research, Inc.
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