The Transmission Mechanism of Monetary Policy in Europe: Evidence from Banks' Balance Sheets
The Transmission Mechanism of Monetary Policy in Europe: Evidence from Banks' Balance Sheets
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欧洲货币政策传导机制：来自银行资产负债表的证据
DOI：
10.2139/ssrn.234378
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发表时间：
1999
期刊：
影响因子：
--
通讯作者：
Luca Flabbi
中科院分区：
文献类型：
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作者：
Carlo A. Favero;Francesco Giavazzi;Luca Flabbi
现有的关于欧洲货币传导机制不对称性的研究无一例外地基于宏观经济证据：此类证据丰富但往往相互矛盾。本文采取了不同的路线，利用微观经济数据。我们使用各个银行资产负债表中包含的信息（可从 BankScope 数据库获取）对法国、德国、意大利和西班牙的银行对货币紧缩的反应进行案例研究。我们研究的这一事件发生在 1992 年，当时整个欧洲的货币状况都在收紧。流动性的一致紧缩提供了这种紧缩的证据，这影响了我们样本中的所有银行。我们通过分析银行贷款对货币紧缩的反应来研究传导链中的第一个环节。我们的实验提供了证据，证明了欧洲的重要性，从而证明了货币传导机制中不对称性的一个可能重要来源。在我们考虑的四个欧洲国家中，我们没有发现银行贷款对 1992 年发生的货币紧缩做出重大反应的证据。然而，我们发现，不同国家和不同规模的银行在保护贷款供应免受流动性紧缩影响的因素方面存在显着差异。
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.