Monetary Policy and Bank Lending in the Euro Area: Is There a Stock Market Channel or an Interest Rate Channel?
Monetary Policy and Bank Lending in the Euro Area: Is There a Stock Market Channel or an Interest Rate Channel?
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DOI：
10.2139/ssrn.2261361
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发表时间：
2013-04
期刊：
影响因子：
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通讯作者：
Robert E. Krainer
中科院分区：
文献类型：
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作者：
Robert E. Krainer
在本文中，我比较了一个传统的需求导向的银行贷款模式，其重点是在货币市场的短期利率，以非传统的资本预算模型的基础上，在欧元区的股票估值的变动银行贷款。使用非嵌套的假设检验，遗漏变量检验，和格兰杰因果关系检验，我拒绝了传统的需求导向的银行贷款模型，并未能拒绝资本预算模型的银行贷款的货币金融机构（MFI）在欧元区。尽管欧洲是一个以银行为基础的金融体系，但股票市场似乎在欧洲的贷款决策和资源配置中发挥着关键作用。这项研究的一个可能的政策含义是，中央银行应该努力稳定股票价格，以实现其稳定银行贷款和经济的目标。
In this paper I compare a traditional demand oriented model of bank lending with its focus on short-term interest rates in the money market, to a non-traditional capital budgeting model of bank lending based on movements in share valuations for the Euro area. Using non-nested hypothesis tests, omitted variables tests, and Granger Causality tests, I reject the traditional demand oriented model of bank lending and fail to reject the capital budgeting model of bank lending for Monetary Financial Institutions (MFI's) in the Euro area. Even though Europe is a bank-based financial system, it appears the stock market plays a key role in the lending decisions and allocation of resources in Europe. One possible policy implication of this research is that the central bank should try and stabilize stock prices in order to achieve their goal of stabilizing bank lending and the economy.