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La transmission des politiques monétaires dans les pays européens

Listed author(s):
  • Fernando Barran
  • Virginie Coudert
  • Benoît Mojon

[fre] La transmission de la politique monétaire dépend de nombreux facteurs, réels et financiers. Ici, l'incidence des facteurs financiers est étudiée d'un point de vue empirique pour les pays de l'Union européenne. Liaison entre les taux d'intérêt bancaires et le taux du marché monétaire, pratiques d'indexation du crédit, facilité de l'accès au crédit pur les ménages, structure des actifs et des passifs sont analysées de façon à déceler les différences entre les pays européens qui pourraient entraîner des divergences dans la transmission de la politique monétaire. Des estimations sur modèles VAR sont ensuite proposées pour évaluer l'effet de la politique monétaire dans les différents pays. Le premier article est complété par un deuxième texte analysant l'opportunité d'utiliser des modèles VAR. La méthode VAR présente un certain nombre d'avantages mais s'accompagne aussi de nombreuses difficultés, dont il est nécessaire d'avoir conscience avant utilisation. Les hypothèses sous-jacentes aux différentes méthodes d'identification sont explicitées. La troisième contribution reprend la question de la transmission de la politique monétaire en Europe en s'appuyant sur les études menées à la BRI sur cette question. [eng] The effects of monetary policy way vary from one country to another for various reasons. The impact of monetary policy, even when such policy is concentrated on interest rates, may have numerous effects : on credit, on the quality of moneh and on the substitution of other financiel products. Its consequences for real activity and prices are determined by monetary policy transmission channels taken as a whole, and by their respective importance. The regulatory framework of banking, as well as banking practices specific to each country and the structure of assets and liabilities may also play a role in the various reactions by non- financial agents to interest rate changes. This issue is crucial to European Monetary Union. If a common monetary policy is implemented, it will have to be able to produce the same results from one country to another. The second paper highlights the pros and cons of VAR methodology. As a matter of facts, VAR implementation involve assumptions which are not always clearly stated. This paper particularly emphasive the role of identification in VAR models. Finally, the third paper presents the results of research undertaken at the BIS on the transmission channels of monetary policy in Europe.

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Article provided by Programme National Persée in its journal Revue française d'économie.

Volume (Year): 12 (1997)
Issue (Month): 2 ()
Pages: 133-158

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Handle: RePEc:prs:rfreco:rfeco_0769-0479_1997_num_12_2_1022
Note: DOI:10.3406/rfeco.1997.1022
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