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

Kód výsledku v 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>

Nalezeny alternativní kódy

RIV/67985556:_____/18:00478988

Výsledek na webu

<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>

Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

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

Popis výsledku anglicky

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.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50201 - Economic Theory

Projekt

<a href="/cs/project/GA16-09190S" target="_blank" >GA16-09190S: Finanční sektory, systemové riziko a ekonomické fluktuace</a><br>

Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2018

Kód důvěrnosti údajů

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

Název periodika

Journal of Economic Policy Reform

ISSN

1748-7870

e-ISSN

—

Svazek periodika

21

Číslo periodika v rámci svazku

4

Stát vydavatele periodika

GB - Spojené království Velké Británie a Severního Irska

Počet stran výsledku

16

Strana od-do

319-334

Kód UT WoS článku

000450617300005

EID výsledku v databázi Scopus

2-s2.0-85020275708