Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/208260
Authors: 
Giannone, Domenico
Lenza, Michele
Reichlin, Lucrezia
Year of Publication: 
2019
Series/Report no.: 
ECB Working Paper 2226
Abstract: 
This paper studies the relationship between the business cycle and financial intermediation in the euro area. We establish stylized facts and study their stability during the global financial crisis and the European sovereign debt crisis. Long-term interest rates have been exceptionally high and long-term loans and deposits exceptionally low since the Lehman collapse. Instead, short-term interest rates and short-term loans and deposits did not show abnormal dynamics in the course of the financial and sovereign debt crisis.
Subjects: 
Money
loans
non-financial corporations
monetary policy
euro area
JEL: 
E32
E51
E52
C32
C51
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-3488-6
Document Type: 
Working Paper

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