Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/72278 
Erscheinungsjahr: 
2006
Schriftenreihe/Nr.: 
Reihe Ökonomie / Economics Series No. 191
Verlag: 
Institute for Advanced Studies (IHS), Vienna
Zusammenfassung: 
So far studies concerned with the interest pass-through of monetary policy have not taken into account one central issue that arose in Europe in the late 1990s: the importance of financial structure for the convergence of monetary transmission. This study addresses this shortcoming. We estimate a time varying interest pass-through allowing us to test for the importance of financial structure and its impact on the convergence of the effects of monetary policy. We find convergence in banks' reaction to money market movements, which is additionally reduced in groups of countries with similar financial structure. Furthermore, there is a significant impact of financial structure on the extent of transmission of monetary policy impulses within the same month. Thus, differences in financial structure between countries must not be ignored when considering convergence of monetary transmission in Europe.
Schlagwörter: 
convergence
interest rate pass-through
EMU
financial structure
money and bank interest rates
transmission mechanism
JEL: 
E43
G21
E52
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
825.68 kB





Publikationen in EconStor sind urheberrechtlich geschützt.