The bank lending channel of monetary policy in EU countries during the global financial crisis

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F47813059%3A19520%2F17%3A00010542" target="_blank" >RIV/47813059:19520/17:00010542 - isvavai.cz</a>
Result on the web
<a href="http://www.sciencedirect.com/science/article/pii/S0264999316302073" target="_blank" >http://www.sciencedirect.com/science/article/pii/S0264999316302073</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1016/j.econmod.2016.07.017" target="_blank" >10.1016/j.econmod.2016.07.017</a>

Result language
angličtina
Original language name
The bank lending channel of monetary policy in EU countries during the global financial crisis
Original language description
The study examines the existence of the bank lending channel of monetary policy in European Union (EU) countries. The paper advances current research on the monetary transmission mechanism in the following ways: Firstly, we analyze the differences between 'old' Economic Monetary Union (EMU) and 'new' EU countries. Secondly, we examine the key bank characteristics and monetary policy indicators that may have an impact on the bank lending channel. We assume that short-term market interest rates and monetary aggregate M2 affect banks' activities. We apply the generalized method of moments (GMM) with pooled data from 1999 to 2012. We show that in the pre-crisis period the effect of changing the short-term market interest rates on the bank lending channel of monetary policy is more pronounced among 'old' EMU countries, whereas the effect of M2 is significant during the period of the global financial crisis (GFC) among 'old' EMU countries. Last but not least the important finding is that ban ks in 'new' EU countries react differently to monetary shocks.
Czech name
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Czech description
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Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
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OECD FORD branch
50202 - Applied Economics, Econometrics

Project
<a href="/en/project/GA13-03783S" target="_blank" >GA13-03783S: Banking Sector and Monetary Policy: Lessons from New EU Countries after Ten Years of Membership</a><br>
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Publication year
2017
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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