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The structure of credit to the non-goverment sector and the transmission mechanism of monetary policy: a cross-country comparison


  • Claudio E. V. Borio


This paper provides a unique comparative overview of the structure of credit to the non-government sector in 14 industrialised countries and of its evolution over time with a view to casting new light on the implications for the transmission mechanism of monetary policy. The analysis draws on the central bank responses to a detailed questionnaire and other available information. Characteristics covered include, inter alia, breakdowns of credit in terms of instrument, maturity, the adjustability of contractual interest rates, collateral and the degree of control over the amounts of credit granted. The paper identifies similarities and differences across countries and offers conjectures about their influence on the relative importance of the channels through which monetary policy affects economy activity. The paper is part of a broader BIS cross-country study on the impact of financial structure on the transmission mechanism.

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  • Claudio E. V. Borio, 1995. "The structure of credit to the non-goverment sector and the transmission mechanism of monetary policy: a cross-country comparison," BIS Working Papers 24, Bank for International Settlements.
  • Handle: RePEc:bis:biswps:24

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    References listed on IDEAS

    1. 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.
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    Cited by:

    1. Eickmeier, Sandra & Ng, Tim, 2015. "How do US credit supply shocks propagate internationally? A GVAR approach," European Economic Review, Elsevier, vol. 74(C), pages 128-145.
    2. Emanuel Kohlscheen & Ken Miyajima, 2015. "The transmission of monetary policy in EMEs in a changing financial environment: a longitudinal analysis," BIS Working Papers 495, Bank for International Settlements.
    3. Benoît Mojon, 2001. "Structures financières et canal des taux d’intérêt de la politique monétaire dans la zone euro," Économie et Prévision, Programme National Persée, vol. 147(1), pages 89-115.
    4. Eickmeier, Sandra & Ng, Tim, 2011. "How do credit supply shocks propagate internationally? A GVAR approach," Discussion Paper Series 1: Economic Studies 2011,27, Deutsche Bundesbank.
    5. Lang, Dimut, 1999. "Die Geldmenge und ihre bilanziellen Gegenposten: Ein Vergleich zwischen wichtigen Ländern der Europäischen Währungsunion," Discussion Paper Series 1: Economic Studies 1999,01, Deutsche Bundesbank.
    6. repec:bis:bisqtr:1712e is not listed on IDEAS

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