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Canaux de transmission de la politique monétaire dans l'UE : Le cas de trois nouveaux entrants

Author

Listed:
  • Jérôme Creel

    (Observatoire français des conjonctures économiques)

  • Sandrine Levasseur

    (Observatoire français des conjonctures économiques)

Abstract

L’étude porte sur les canaux de transmission de la politique monétaire (ctpm) en Hongrie, en Pologne et en République tchèque entre 1995 et 2004. Elle est basée sur une analyse vectorielle autorégressive incluant le crédit parmi les variables endogènes. Les pays partagent un certain nombre de points communs en termes de CTPM : un impact rapide, mais faible, sur la production industrielle ; la présence d’une « énigme » du taux de change plutôt que des prix après une hausse du taux d’intérêt ; et un canal du crédit encore balbutiant. Comparativement à la République tchèque et à la Hongrie, c’est en Pologne que les canaux du taux de change et du taux d’intérêt jouent le rôle le plus important sur la période récente : le coût d’entrée dans la zone euro pourrait donc être plus élevé pour la Pologne.

Suggested Citation

  • Jérôme Creel & Sandrine Levasseur, 2006. "Canaux de transmission de la politique monétaire dans l'UE : Le cas de trois nouveaux entrants," Sciences Po publications info:hdl:2441/3262, Sciences Po.
    • Handle: RePEc:spo:wpmain:info:hdl:2441/3262
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    Cited by:

    1. Prao Yao Séraphin & Anzara Xavier Fabrice Méa, 2024. "Bank Credit Channel of Monetary Policy in the UEMOA Zone: A TVP-VAR Approach," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 16(1), pages 1-73, January.
    2. MEZUI-MBENG, Pamphile, 2010. "Tramsission de la politique monétaire: le cas des pays de la CEMAC [Monetary policy transmission: the case of the CEMAC]," MPRA Paper 26032, University Library of Munich, Germany.

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    More about this item

    Keywords

    Politique monétaire; Canaux de transmission de la politique monétaire (ctpm) ; Zone Euro;
    All these keywords.

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • P24 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - National Income, Product, and Expenditure; Money; Inflation
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models

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