38th Congress of the European Regional Science Association: "Europe Quo Vadis? - Regional Questions at the Turn of the Century", 28 August - 1 September 1998, Vienna, Austria
This paper contrast the existence of different regional effects of an homogeneous monetary policy and study the local characteristics that underlie these differential responses. To this purpose I use regional data and estimate a structural vector autoregression model (VAR) to characterize the different regional responses. Afterwards I use the estimated responses to analyze if the responses depends on the regional characteristics of the financial system, like industry composition, firms size or banking sector composition.