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

Kód výsledku v 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>

Výsledek na webu

<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>

Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

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

Popis výsledku anglicky

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.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50202 - Applied Economics, Econometrics

Projekt

<a href="/cs/project/GA13-03783S" target="_blank" >GA13-03783S: Bankovní sektor a měnová politika: Zkušenosti z nových členských zemí EU po desíti letech členství</a><br>

Návaznosti

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Rok uplatnění

2017

Kód důvěrnosti údajů

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

Název periodika

Economic Modelling

ISSN

0264-9993

e-ISSN

—

Svazek periodika

Neuveden

Číslo periodika v rámci svazku

67

Stát vydavatele periodika

GB - Spojené království Velké Británie a Severního Irska

Počet stran výsledku

13

Strana od-do

10-22

Kód UT WoS článku

000416616700002

EID výsledku v databázi Scopus

2-s2.0-84995602547