Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/152474
Authors: 
Mojon, Benoît
Year of Publication: 
2000
Series/Report no.: 
ECB Working Paper 40
Abstract: 
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.
Subjects: 
financial structure and the interest rate
JEL: 
E43
E52
G21
Document Type: 
Working Paper
Social Media Mentions:

30



Files in This Item:
File
Size
824.93 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.