| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7231 |
| 来源ID | Working Paper 7231 |
| The Transmission Mechanism of Monetary Policy in Europe: Evidence from Banks' Balance Sheets | |
| Carlo A. Favero; Francesco Giavazzi; Luca Flabbi | |
| 发表日期 | 1999-07-01 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | Available studies on asymmetries in the monetary transmission mechanism within Europe are invariably based on macro-economic evidence: such evidence is abundant but often contradictory. This paper takes a different route by using micro-economic data. We use the information contained in the balance sheets of individual banks (available from the BankScope database) to implement a case-study on the response of banks in France, Germany, Italy and Spain to a monetary tightening. The episode we study occurred during 1992, when monetary conditions were tightened throughout Europe. Evidence on such tightening is provided by the uniform squeeze in liquidity, which affected all banks in our sample. We study the first link in the transmission chain by analysing the response of bank loans to the monetary tightening. Our experiment provides evidence on the importance of the Europe and thus on one possibly important source of asymmetries in the monetary transmission mechanism. We do not find evidence of a significant response of bank loans to the monetary tightening, which occurred during 1992, in any of the four European countries we have considered. However we find significant differences both across countries and across banks of different dimensions in the factors that allow them to shield the supply of loans from the squeeze in liquidity. |
| 主题 | Macroeconomics ; Monetary Policy |
| URL | https://www.nber.org/papers/w7231 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564764 |
| 推荐引用方式 GB/T 7714 | Carlo A. Favero,Francesco Giavazzi,Luca Flabbi. The Transmission Mechanism of Monetary Policy in Europe: Evidence from Banks' Balance Sheets. 1999. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7231.pdf（123KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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