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Differences Between Financial Systems in European Countries: Consequences for EMU

In: The Monetary Transmission Process

Author

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  • Reinhard H. Schmidt

Abstract

There are three main issues which must be discussed if one wishes to answer the question which this chapter addresses: (1) Which features of a financial system are important for monetary policy or, in other words, how is monetary policy conducted, and how does it affect the real economy, and how and to what extent does this depend on the specific features of an economy? (2) How different are the financial sectors — or more generally the financial systems — in Europe? (3) If significant differences existed between countries, would this have consequences for how monetary policy should, and can, be conducted in a common currency framework? I want to warn readers at the outset that I am not a financial macroeconomist. Because this is not my field of specialisation, my knowledge of how monetary policy is conducted and how it affects the real economy that is, of the so-called transmission mechanism — is only superficial. I can only hope that this does not invalidate all that I would like to offer in my attempt to fulfil the role assigned to me as a microeconomically oriented scholar in banking and business finance.

Suggested Citation

  • Reinhard H. Schmidt, 2001. "Differences Between Financial Systems in European Countries: Consequences for EMU," Palgrave Macmillan Books, in: Deutsche Bundesbank (ed.), The Monetary Transmission Process, chapter 6, pages 208-251, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59599-6_7
    DOI: 10.1057/9780230595996_7
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    Cited by:

    1. Shaw, Ming-fu & Chang, Juin-jen & Chen, Hung-Ju, 2013. "Capital adequacy and the bank lending channel: Macroeconomic implications," Journal of Macroeconomics, Elsevier, vol. 36(C), pages 121-137.
    2. Kremp Elizabeth & Stöß Elmar, 2001. "Estimating the Borrowing Behavior of French and German Firms. An Econometric Analysis / Verschuldungsverhalten französischer und deutscher Unternehmen. Eine ökonometrische Analyse," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 221(5-6), pages 620-647, October.
    3. Brissimis, Sophocles N. & Magginas, Nicholas S., 2005. "Changes in financial structure and asset price substitutability: A test of the bank lending channel," Economic Modelling, Elsevier, vol. 22(5), pages 879-904, September.

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