The Balance Sheet Transmission Channel Of Monetary Policy

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The Balance Sheet Transmission Channel Of Monetary Policy

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Author : José M. González Mínguez
language : en
Publisher:
Release Date : 1997

The Balance Sheet Transmission Channel Of Monetary Policy written by José M. González Mínguez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Interest rates categories.

Trabajo que investiga el papel de la posición financiera de los agentes privados en la transmisión de la política monetaria en España y Alemania. Hasta qué punto los tipos de interés oficiales pueden afectar al mercado de valores y ciertos instrumentos financieros influir en el gasto, precios, demanda actual y futura o demanda nacional y extranjera.

Monetary Policy And Balance Sheets

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Author : Ms.Deniz Igan
language : en
Publisher: International Monetary Fund
Release Date : 2013-07-03

Monetary Policy And Balance Sheets written by Ms.Deniz Igan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07-03 with Business & Economics categories.

This paper evaluates the strength of the balance sheet channel in the U.S. monetary policy transmission mechanism over the past three decades. Using a Factor-Augmented Vector Autoregression model on an expanded data set, including sectoral balance sheet variables, we show that the balance sheets of various economic agents act as important links in the monetary policy transmission mechanism. Balance sheets of financial intermediaries, such as commercial banks, asset-backed-security issuers and, to a lesser extent, security brokers and dealers, shrink in response to monetary tightening, while money market fund assets grow. The balance sheet effects are comparable in magnitude to the traditional interest rate channel. However, their economic significance in the run-up to the recent financial crisis was small. Large increases in interest rates would have been needed to avert a rapid rise of house prices and an unsustainable expansion of mortgage credit, suggesting an important role for macroprudential policies.

Firm Balance Sheets And Monetary Policy Transmission

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Author : Adam B. Ashcraft
language : en
Publisher:
Release Date : 2006

Firm Balance Sheets And Monetary Policy Transmission written by Adam B. Ashcraft and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.

Exploring the functioning of internal capital markets in financial conglomerates, this paper conducts a novel test of the credit channel of monetary policy. We look at differences in the response of lending to monetary policy shocks across small banks that are affiliated with the same bank holding company but that operate in different geographical areas. These banks tap into the same pool of funds but face different pools of borrowers. Because small subsidiary banks concentrate their lending with small local businesses (whose fortunes are tied to their local economies), we can exploit cross-sectional differences in local economic conditions at the time of a monetary policy shock to study whether the strength of borrowers' balance sheets influences the response of bank lending to policy. We find evidence that the negative response of bank loan growth to a monetary contraction is significantly more (less) pronounced when borrowers are more likely to have weak (strong) balance sheets. On the flip side, borrowers with weak balance sheets obtain more new bank credit than other borrowers in monetary expansions. Our results are consistent with the operation of a demand-driven transmission mechanism that works independently of the bank-supply (lending) channel. In fact, our estimates suggest that borrowers' balance sheet strength accounts for a significant fraction of the broad credit channel of monetary policy.

The Balance Sheet Channel Of Monetary Policy Transmission Evidence From The Uk

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Author : Eleni Angelopoulou
language : en
Publisher:
Release Date : 2007

The Balance Sheet Channel Of Monetary Policy Transmission Evidence From The Uk written by Eleni Angelopoulou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.

The Bank Lending Channel Of Monetary Policy Transmission

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Author : Michael S. Gibson
language : en
Publisher:
Release Date : 1997

The Bank Lending Channel Of Monetary Policy Transmission written by Michael S. Gibson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Bank loans categories.

Monetary Policy Transmission In The Euro Area

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Author : Ignazio Angeloni
language : en
Publisher: Cambridge University Press
Release Date : 2003-12-04

Monetary Policy Transmission In The Euro Area written by Ignazio Angeloni and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-12-04 with Business & Economics categories.

This 2003 book offers the most systematic analysis available of the impact of European Central Bank monetary policy on the national economies of the Eurozone. Analysing macro and micro-economic evidence, with chapters by central bank economists, including a discussion chapter by eminent macroeconomists, it is an essential contribution to research on the subject.

Revisiting The Monetary Transmission Mechanism Through An Industry Level Differential Approach

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Author : Sangyup Choi
language : en
Publisher: International Monetary Fund
Release Date : 2022-01-28

Revisiting The Monetary Transmission Mechanism Through An Industry Level Differential Approach written by Sangyup Choi and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-28 with Business & Economics categories.

By combining industry-level data on output and prices with monetary policy rates for a panel of 88 countries, this paper analyzes how the effects of monetary policy vary with certain industry characteristics. Next to being interesting in their own right, our results are informative on the importance of various transmission mechanisms (as they are expected to vary systematically with the included characteristics). Rather than relying on standard monetary policy shock identification, we overcome the endogeneity problem by taking a differential approach (interacting our monetary policy measure with industry-level characteristics). Our results suggest that monetary contractions reduce output by more in industries featuring assets that are more difficult to collateralize (as predicted by the balance sheet channel) and in industries more reliant on international trade (as predicted by the exchange rate channel). Consistent with the financial accelerator mechanism, we find that the balance sheet channel becomes stronger during bad times. At the same time, we do not find evidence supporting the traditional interest rate channel of monetary policy; the same goes for the cost channel.

Fragmentation And Monetary Policy In The Euro Area

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Author : Mr.Ali J Al-Eyd
language : en
Publisher: International Monetary Fund
Release Date : 2013-10-04

Fragmentation And Monetary Policy In The Euro Area written by Mr.Ali J Al-Eyd and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-04 with Business & Economics categories.

The ECB has taken a range of actions to address bank funding problems, eliminate excessive risk in sovereign markets, and safeguard monetary transmission. But euro area financial markets have remained fragmented, driving retail interest rates in stressed markets far above those in the core. This has impeded the flow of credit and undermined the transmission of monetary policy. Analysis presented here indicates that the credit channel of monetary policy has broken down during the crisis, particularly in stressed markets, and that SMEs in these economies appear to be most affected by elevated lending rates.Given these stresses, the ECB can undertake additional targeted policy measures, including through additional term loans, collateral policies, and private asset purchases.

Financial Structure And Monetary Transmission In Europe

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Author : Gabe J. De Bondt
language : en
Publisher: Edward Elgar Publishing
Release Date : 2000-01-01

Financial Structure And Monetary Transmission In Europe written by Gabe J. De Bondt and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-01-01 with Business & Economics categories.

'I can fully recommend this book to those interested in the transmission process of monetary policy.' - Harry Garretsen, De Economist Due to financial market imperfections it is imperative to analyse the relationship between financial structure and the monetary policy transmission process in Europe to effectively design and implement European monetary policy. Focusing on the years 1980-1995 and providing empirical evidence for six European countries, namely Germany, France, Italy, the UK, Belgium and the Netherlands, the author discusses whether cross-country variations in financial structure have a systematic relationship with inter-country differences in the monetary transmission process. The analysis of this is invaluable as differences in financial structures across EMU countries may hamper the implementation of a common European monetary policy in the future. The conclusion is that some elements of the financial structure are clearly relevant and applicable for European monetary policy and the monetary transmission process in particular.

The Monetary Transmission Mechanism

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Author : Nicholas Haralambopoulos
language : en
Publisher:
Release Date : 1995

The Monetary Transmission Mechanism written by Nicholas Haralambopoulos and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Monetary policy categories.