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The impact of banking behaviour on monetary strategy in Europe

  • Borchert, Manfred
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    At present, Western European banks are increasingly branching out into asset management as well as the consulting business, which cannot be influenced directly by monetary controls. We have therefore conducted a factor analysis of banks' balance-sheet items, and we have also plotted figures from banks' income statements. Our analyses fulfil a triple purpose. First, they shed much light on the positioning strategies deployed by European banks. Secondly, they reveal various tendencies in respect of the refinancing strategies that are adopted when credits are granted to non-banks. Thirdly, they facilitate an assessment of the effectiveness of monetary policy. There is clear evidence that the European Central Bank's money supply policy will prove progressively less efficient as banks resort increasingly to refinancing by assets and continue to expand their banking services by building up their consulting businesses.

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    File URL: http://econstor.eu/bitstream/10419/51418/1/67224912X.pdf
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    Paper provided by Center of Applied Economic Research Münster (CAWM), University of Münster in its series Beiträge zur angewandten Wirtschaftsforschung with number 13.

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    Date of creation: 2005
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    Handle: RePEc:zbw:cawmbg:13
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    Phone: 02 51 / 83-2 29 10
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    Web page: http://www.wiwi.uni-muenster.de/cawm/

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    1. Rajan, Raghuram G & Zingales, Luigi, 2003. "Banks and Markets: the Changing Character of European Finance," CEPR Discussion Papers 3865, C.E.P.R. Discussion Papers.
    2. Svensson, Lars E. O., 2005. "Monetary policy with judgment: forecast targeting," Working Paper Series 0476, European Central Bank.
    3. Ben Bernanke & Kenneth N. Kuttner, 2003. "What explains the stock market's reaction to Federal Reserve policy?," Proceedings, Federal Reserve Bank of San Francisco, issue Mar.
    4. Svensson, Lars & Woodford, Michael, 2000. "Indicator Variables for Optimal Policy," Seminar Papers 688, Stockholm University, Institute for International Economic Studies.
    5. Rudebusch, Glenn D. & Svensson, Lars E. O., 2002. "Eurosystem monetary targeting: Lessons from U.S. data," European Economic Review, Elsevier, vol. 46(3), pages 417-442, March.
    6. Bagliano, Fabio C. & Dalmazzo, Alberto & Marini, Giancarlo, 2000. "Bank competition and ECB's monetary policy," Journal of Banking & Finance, Elsevier, vol. 24(6), pages 967-983, June.
    7. Frederic S. Mishkin, 2001. "The Transmission Mechanism and the Role of Asset Prices in Monetary Policy," NBER Working Papers 8617, National Bureau of Economic Research, Inc.
    8. Milbourn, Todd T. & Boot, Arnoud W. A. & Thakor, Anjan V., 1999. "Megamergers and expanded scope: Theories of bank size and activity diversity," Journal of Banking & Finance, Elsevier, vol. 23(2-4), pages 195-214, February.
    9. Woojin Kim & Michael Weisbach, 2005. "Do Firms Go Public to Raise Capital?," NBER Working Papers 11197, National Bureau of Economic Research, Inc.
    10. S. Mishkin, Frederic, 1999. "Financial consolidation: Dangers and opportunities," Journal of Banking & Finance, Elsevier, vol. 23(2-4), pages 675-691, February.
    11. Agnes Belaisch & Joaquim Vieira Ferreira Levy & Laura E. Kodres & Angel J. Ubide, 2001. "Euro-Area Banking At the Crossroads," IMF Working Papers 01/28, International Monetary Fund.
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