Financial market fragmentation and monetary transmission in the euro area: what do we know?

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11230%2F18%3A10363580" target="_blank" >RIV/00216208:11230/18:10363580 - isvavai.cz</a>

Alternative codes found

RIV/67985556:_____/18:00478988

Result on the web

<a href="http://dx.doi.org/10.1080/17487870.2017.1330686" target="_blank" >http://dx.doi.org/10.1080/17487870.2017.1330686</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1080/17487870.2017.1330686" target="_blank" >10.1080/17487870.2017.1330686</a>

Result language

angličtina

Original language name

Financial market fragmentation and monetary transmission in the euro area: what do we know?

Original language description

We provide a survey on the literature examining financial market fragmentation in the euro area and discuss the policy options how to reduce it. The fragmentation has increased markedly since the outbreak of the global financial crisis in 2007. It declined somewhat from late 2012 onwards, but is still above the pre-crisis level. Interest rate pass-through has become less efficient primarily because of increased mark-ups and, to a certain extent, the lower responsiveness of bank interest rates to policy rates. The effectiveness of interest rate pass-through has become more heterogeneous across euro area countries, making a common monetary policy more difficult. The unconventional monetary policy conducted by the European Central Bank has reduced financial market fragmentation notably; however, this policy was not without side effects. Enhancing financial and fiscal stability in the euro area is key for the efficient functioning of the monetary transmission mechanism.

Czech name

—

Czech description

—

Type

J_imp - Article in a specialist periodical, which is included in the Web of Science database

CEP classification

—

OECD FORD branch

50201 - Economic Theory

Project

<a href="/en/project/GA16-09190S" target="_blank" >GA16-09190S: Financial sectors, systemic risk and economic fluctuations</a><br>

Continuities

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Publication year

2018

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Name of the periodical

Journal of Economic Policy Reform

ISSN

1748-7870

e-ISSN

—

Volume of the periodical

21

Issue of the periodical within the volume

4

Country of publishing house

GB - UNITED KINGDOM

Number of pages

16

Pages from-to

319-334

UT code for WoS article

000450617300005

EID of the result in the Scopus database

2-s2.0-85020275708