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Title:Banks' regulatory buffers, liquidity networks and monetary policy transmission PDF Logo
Authors:Merkl, Christian
Stolz, Stéphanie
Issue Date:2006
Series/Report no.:Kieler Arbeitspapiere 1303
Abstract:Based on a quarterly regulatory dataset for German banks from 1999 to 2004, this paper analyzes the effects of banks' regulatory capital on the transmission of monetary policy in a system of liquidity networks. The dynamic panel regression results provide evidence in favor of the bank capital channel theory. Banks holding less regulatory capital and less interbank liquidity react more restrictively to a monetary tightening than their peers.
Subjects:Monetary policy transmission
Bank lending channel
Bank capital channel
Liquidity networks
JEL:E52
G21
G28
C23
Document Type:Working Paper
Appears in Collections:Publikationen von Forscherinnen und Forschern des IfW
Kieler Arbeitspapiere, IfW

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