Financial Structure and the Interest Rate Channel of ECB Monetary Policy
Financial Structure and the Interest Rate Channel of ECB Monetary Policy
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金融结构与欧洲央行货币政策的利率渠道
DOI：
10.2139/ssrn.356001
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发表时间：
2000
期刊：
影响因子：
--
通讯作者：
Benoît Mojon
中科院分区：
文献类型：
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作者：
Benoît Mojon
本文分析了欧元区各国金融结构的持续性差异，以及它们是否会导致欧洲央行政策传导的不对称。首先，本文研究了货币市场利率对各种银行零售利率的传递，并衡量了过去两个利率周期的演变情况。对面板数据的分析表明，随着单一货币政策的实施、货币市场一体化、债务证券市场的发展和银行间的竞争，银行利率对货币政策的反应目前的“国家不对称”应随着时间的推移而减少。第二，对家庭和企业资产负债表结构的分析表明，货币政策的收入效应在欧元区四个最大的国家中相当一致，而财富效应在意大利可能更强。JEL分类：E43，E52，G21
This paper analyses persistence differences in financial structure across countries of the euro area and whether they can lead to asymmetries in the transmission of the ECB policy. First, the paper examines the pass-through of money market rates to various bank retail rates and measures how this has evolved over the past two interest rate cycles. An analysis of panel data suggests that current 'country asymmetries' in the response of bank rates to monetary policy should decrease over time by virtue of the implementation of the single monetary policy, money market integration and the growth of debt securities markets and competition among banks. Second, analysis of the balance sheet structure of households and firms shows that the income effects of monetary policy are fairly homogenous in the four largest countries of the euro area, while wealth effects could be stronger in Italy. JEL Classification: E43, E52, G21