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Bank Lending Channel during the Quantitative Monetary Easing Policy Period

Author

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  • Hitoshi Inoue

    (Osaka School of International Public Policy (OSIPP),Osaka University)

Abstract

This paper investigates an existence of the bank lending channel during the quantitative monetary easing policy (QMEP) period, using panel data of Japanese banks' balance sheets. We find that growth rates of lending of smaller banks and healthier banks responded well to the QMEP. We also find that the growth rate of lending of an average bank responded to the QMEP significantly. These results imply that the bank lending channel existed during the QMEP period.

Suggested Citation

  • Hitoshi Inoue, 2009. "Bank Lending Channel during the Quantitative Monetary Easing Policy Period," OSIPP Discussion Paper 09J004, Osaka School of International Public Policy, Osaka University.
  • Handle: RePEc:osp:wpaper:09j004
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    File URL: http://www.osipp.osaka-u.ac.jp/archives/DP/2009/DP2009J004.pdf
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    More about this item

    Keywords

    Monetary policy; Bank of Japan; base money; system GMM;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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