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Institutional environment and monetary transmission in the euro area: a cross-country view (in Dutch)

Author

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  • M.M.G. Fase
  • G.J. de Bondt

Abstract

This paper provides a brief overview of the main issues at stake related to institutional structure and monetary transmission in Europe. We argue that differences in institutional arrangements, both economic and legal, are potential causes of differences in monetary transmission mechanisms among European countries. Moreover, the paper provides circumstantial evidence that in the (near) future financial structures and institutions in the Eurosystem, and hence monetary transmission mechanisms, will converge further. Institutional structures related to anti-inflationary policy stance of the European Central Bank may therefore result in a more US-style financial structure, but differences related to legal and economic structures are sticky and will, for the time being, remain.

Suggested Citation

  • M.M.G. Fase & G.J. de Bondt, 1999. "Institutional environment and monetary transmission in the euro area: a cross-country view (in Dutch)," WO Research Memoranda (discontinued) 599, Netherlands Central Bank, Research Department.
  • Handle: RePEc:dnb:wormem:599
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    File URL: https://www.dnb.nl/binaries/wo0599_tcm46-145917.pdf
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    References listed on IDEAS

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    1. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
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    3. Stephen G. Cecchetti, 1999. "Legal structure, financial structure, and the monetary policy transmission mechanism," Economic Policy Review, Federal Reserve Bank of New York, issue Jul, pages 9-28.
    4. Frederic S. Mishkin, 1996. "The Channels of Monetary Transmission: Lessons for Monetary Policy," NBER Working Papers 5464, National Bureau of Economic Research, Inc.
    5. Bernanke, Ben S & Blinder, Alan S, 1988. "Credit, Money, and Aggregate Demand," American Economic Review, American Economic Association, vol. 78(2), pages 435-439, May.
    6. Fredric S. Mishkin & Philip E. Strahan, 1999. "What Will Technology Do to Financial Structure?," NBER Working Papers 6892, National Bureau of Economic Research, Inc.
    7. La Porta, Rafael & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. " Legal Determinants of External Finance," Journal of Finance, American Finance Association, vol. 52(3), pages 1131-1150, July.
    8. Martin M.G. Fase, 1999. "On Interest Rates and Asset Prices in Europe," Books, Edward Elgar Publishing, number 1709, November.
    9. 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.
    10. L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
    11. 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.
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    Citations

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    Cited by:

    1. Michael Richter, 2017. "Asymmetric Effects on Financial Cycles in a Monetary Union with Diverging Country Preferences for Variable- and Fixed-Rate Mortgages," Review of Economics & Finance, Better Advances Press, Canada, vol. 7, pages 19-36, February.
    2. Alexis Penot, 2002. "Appréciations et conséquences possibles de l'hétérogénéité structurelle de la zone euro," Revue d'Économie Financière, Programme National Persée, vol. 65(1), pages 153-175.
    3. Putkuri, Hanna, 2003. "Cross-country asymmetries in euro area monetary transmission : The role of national financial systems," Research Discussion Papers 15/2003, Bank of Finland.
    4. M.M.G. Fase & W.F.V. Vanthoor, 2000. "The Federal Reserve System Discussed: A Comparative Analysis," SUERF Studies, SUERF - The European Money and Finance Forum, number 10 edited by Morten Balling.
    5. Hanna Putkuri, 2004. "Cross-country asymmetries in euro area monetary transmission: the role of national financial systems," Macroeconomics 0404037, University Library of Munich, Germany.

    More about this item

    Keywords

    monetary policy transmission; institutional structure; EU member states;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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