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Erscheinungsjahr: 
2001
Schriftenreihe/Nr.: 
ECB Working Paper No. 102
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
This paper investigates the existence of the bank-lending channel in the transmission of monetary policy using Portuguese micro bank data. In contrast to the conventional approach, which addresses the identification issue by resorting to reduced form equations for bank credit with variables in differences, we directly estimate loan-supply schedules with variables in levels, thereby exploiting recent results on cointegration for panel data. We conclude that there is evidence of the existence of a bank-lending channel, and that the importance of the bank lending-channel is larger for less capitalised banks
Schlagwörter: 
bank lending channel
Identification
Monetary policy transmission mechanism
JEL: 
C33
E44
E52
G21
Dokumentart: 
Working Paper

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