Is There a Bank-Lending Channel of Monetary Policy in New Zealand?
Is There a Bank-Lending Channel of Monetary Policy in New Zealand?
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新西兰货币政策有银行贷款渠道吗？
DOI：
10.1111/j.1475-4932.1998.tb01922.x
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发表时间：
1998
期刊：
影响因子：
1.2
通讯作者：
Alfred V. Guender
中科院分区：
文献类型：
--
作者：
Alfred V. Guender
本文的研究结果表明，无论是在20世纪80年代中期的改革之前还是之后，新西兰的货币政策是否存在一个强有力的银行贷款渠道都是值得怀疑的。作者发现，没有可靠的证据表明，在新西兰的一些不同的金融组合变量和经济活动之间的联系。类似地，对利差变动与真实的经济表现之间联系的调查也报告了不利的结果。此外，无论是金融组合变量还是息差，都不能对货币政策的各种指标的变化做出一致的反应。版权所有1998年由澳大利亚经济学会。
The results reported in this paper cast serious doubt on the existence of a potent bank-lending channel of monetary policy in New Zealand either before or after the reforms of the mid-1980s. The author finds no sound evidence of a link between a number of different finance mix variables and economic activity in New Zealand. Similar, unfavorable results are reported by the investigation of the connection between movements in an interest rate spread and real economic performance. Moreover, neither the finance mix variables nor the spread respond consistently to changes in various indicators of monetary policy. Copyright 1998 by The Economic Society of Australia.