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Banks and monetary transmission in Europe: empirical evidence

  • G.J. DE BONDT

    (De Nederlandsche Bank)

Registered author(s):

    The present work examines bank lending behaviour in continental Europe. An empirical analysis is performed using bank-level panel data for fiscal years 1990-1995 to investigate the existence of a bank lending and balance sheet channel in Europe. The results reveal that monetary policy in continental Europe matter most for small banks and for banks with relatively illiquid balance sheets. Most of the findings point to the existence of a bank lending channel in Germany and the Netherlands.

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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10538/10423
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    Article provided by Banca Nazionale del Lavoro in its journal BNL Quarterly Review.

    Volume (Year): 52 (1999)
    Issue (Month): 209 ()
    Pages: 149-168

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    Handle: RePEc:psl:bnlaqr:1999:22
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    1. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," NBER Working Papers 5146, National Bureau of Economic Research, Inc.
    2. Gertler, Mark & Gilchrist, Simon, 1993. " The Role of Credit Market Imperfections in the Monetary Transmission Mechanism: Arguments and Evidence," Scandinavian Journal of Economics, Wiley Blackwell, vol. 95(1), pages 43-64.
    3. Anil K. Kashyap & Jeremy C. Stein, 1997. "The role of banks in monetary policy: a survey with implications for the European Monetary Union," Economic Perspectives, Federal Reserve Bank of Chicago, issue Sep, pages 2-18.
    4. Kashyap, Anil K. & Stein, Jeremy C., 1995. "The impact of monetary policy on bank balance sheets," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 42(1), pages 151-195, June.
    5. Jeremy C. Stein, 1998. "An Adverse-Selection Model of Bank Asset and Liability Management with Implications for the Transmission of Monetary Policy," RAND Journal of Economics, The RAND Corporation, vol. 29(3), pages 466-486, Autumn.
    6. Mark Gertler & Simon Gilchrist, 1993. "Monetary policy, business cycles and the behavior of small manufacturing firms," Finance and Economics Discussion Series 93-4, Board of Governors of the Federal Reserve System (U.S.).
    7. H.M.M. Peeters, 1998. "Monetary Conditions in Europe: a methodological analysis," WO Research Memoranda (discontinued) 547, Netherlands Central Bank, Research Department.
    8. Jan Kakes, 2000. "Identifying the mechanism: is there a bank lending channel of monetary transmission in the Netherlands?," Applied Economics Letters, Taylor & Francis Journals, vol. 7(2), pages 63-67.
    9. Ben Bernanke & Mark Gertler & Simon Gilchrist, 1994. "The Financial Accelerator and the Flight to Quality," NBER Working Papers 4789, National Bureau of Economic Research, Inc.
    10. Anil K Kashyap & Jeremy C. Stein, 1997. "What Do a Million Banks Have to Say About the Transmission of Monetary Policy?," NBER Working Papers 6056, National Bureau of Economic Research, Inc.
    11. C. Conigliani & G. Ferri & A. Generale, 1997. "The impact of the bank-firm relations on the propagation of monetary policy squeezes: an empirical assessment for Italy," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 50(202), pages 271-299.
    12. Joe Peek & Eric Rosengren, 1991. "The capital crunch: neither a borrower nor a lender be," Working Papers 91-4, Federal Reserve Bank of Boston.
    13. Joe Peek & Eric S. Rosengren, 1995. "Bank lending and the transmission of monetary policy," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 39, pages 47-79.
    14. Angeloni,I. & Buttiglione,L. & Ferri,G. & Gaiotti,E., 1995. "The Credit Channel of Policy Across Heterogeneous Banks:the Case of Italy," Papers 256, Banca Italia - Servizio di Studi.
    15. Jith Jayaratne & Donald Morgan, 1997. "Information problems and deposit constraints at banks," Research Paper 9731, Federal Reserve Bank of New York.
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