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Monetary transmission and bank lending: is the single monetary policy homogenous across euro area countries?
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Mar 31, 2019
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We postulate that bank lending is affected by ECB policy via new loans and via the stock of existing loans. In this context, this paper documents a wide diversity in borrowers’ features, loan features and price developments across euro area Member States that produces heterogeneous impacts in bank lending. Thus, countries with higher (lower) inflation, higher (lower) stock of loans longer (shorter) maturities, and higher (lower) proportion of adjustable rate loans are affected more (less) when ECB changes its policy rate. The significant differences in these factors across euro area Member States can distort a homogeneous transmission of the single monetary policy and generate asymmetries in bank lending.
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Vallelado, E., & Villar Burke, J. (2019). Monetary transmission and bank lending: is the single monetary policy homogenous across euro area countries?. UCJC Business and Society Review (formerly Known As Universia Business Review), 16(1), 18-37. Recuperado a partir de https://journals.ucjc.edu/ubr/article/view/2958
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Finanzas y Contabilidad
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Andersen, S., Campbell, J. Y., Nielsen, K. M. and Ramadorai, T. (2015). “Inattention and Inertia in Household Finance: Evidence from the Danish Mortgage Market”.
Badarinza, C., Campbell, J. Y. and Ramadorai, T. (2015). “What calls to ARMs? International evidence on interest rates and the choice of adjustable-rate mortgages”.
Carroll, C., Slacalek, J. Tokuoka, K. and White, M. N. (2015). “The Distribution of Wealth and the Marginal Propensity to Consume”.
Campbell, J. Y. and Cocco, J. F. (2003). “Household Risk Management and Optimal Mortgage Choice”. The Quarterly Journal of Economics (2003) Vol. 118, No. 4, pp. 1449-1494.
Di Maggio, M., Kermani, A. and Ramcharan, R. (2015). “Monetary policy pass-through: Household consumption and voluntary deleveraging”.
Drudi, F. (Chair), Köhler-Ulbrich, P., Protopapa, M., Slacalek, J., Sorensen, C. K., Wolswijk G. (Coord.) and others (2009). Housing finance in the Euro area- Frankfurt: European Central Bank.
European Central Bank (2003). Structural factors in the EU housing markets. Frankfurt.
European Central Bank (2013). Household Finance and Consumption Survey 2013. Frankfurt.
Frank, R. H. and Cook, P. J. (1996). The winner-take-all society: Why the few at the top get so much more than the rest of us. Penguin.
Galbraith, J. K. (2012) Inequality and instability: A study of the world economy just before the Great Crisis. Oxford University Press.
Garriga, C., Kydland, F. E. and Sustek, R. (2015) “Mortgages and monetary policy”. Working Paper 2015-033A. St. Louis: Federal Reserve Bank of St. Louis.
Greenspan, A. (2004). “Understanding household debt obligations”. Speech at the Credit Union National Association Governmental Affairs Conference. Washington, DC.
Hall, S. (Chair) (2015). Report on residential real estate and financial stability in the EU. Frankfurt: ESRB.
Henriksen, E., Kydland F. E. and Šustek, R. (2013). “Globally correlated nominal fluctuations”. Journal of Monetary Economics, Volume 60, Issue 6, pp 613–631.
Hilbers, P., Hoffmaister, A. W., Banerji, A. and Shil, H. (2008) “House Price Developments in Europe: A Comparison”. IMF Working Paper, WP/08/211. Washington: IMF.
Hilscher, J., Raviv, A and Reis, R. (2014) “Inflating Away the Public Debt? An Empirical Assessment”. NBER Working Paper No. 20339.
Homar, T., Kick H. and Salleo, C. (2015). “What drives forbearance – evidence from the ECB Comprehensive Assessment”. Working Paper Series No. 1860. Frankfurt: European Central Bank.
Kaplan, G. and Violante, G. L. (2014). “A Model of the Consumption Response to Fiscal Stimulus Payments”. Econometrica, Vol. 82, Iss. 4, pp. 1199–1239.
Keys, B., Piskorski, T., Seru, A. and Yao, V. (2014). “Mortgage rates, household balance sheets, and the real economy”.
Lakner, C. and Milanovic, B. (2013). “Global income distribution: from the fall of the Berlin Wall to the great recession”. Policy Research working paper No. WPS 6719. World Bank.
Nouy, D. (2015). “The banking union and financial integration”. Speech at the Joint conference of the European Commission and European Central Bank on “European Financial Integration and Stability”, 27 April.
OECD (2011). “Divided We Stand: Why Inequality Keeps Rising”.
Piketty, T. (2014). Capital in the Twenty-First Century. Cambridge, MA: Belknap Press.
Stiglitz, J. (2012) The price of inequality: How today's divided society endangers our future. Norton.
Williamson, S. (2016) “Neo-Fisherism. A Radical Idea, or the Most Obvious Solution to the Low-Inflation Problem?”. The Regional Economist, Vol. 24, No. 3. The Federal Reserve Bank of St. Louis.