Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/3871
Authors: 
Merkl, Christian
Stolz, Stéphanie
Year of Publication: 
2006
Citation: 
[Series:] Discussion paper / Series 2 [Editor:] Deutsche Bundesbank, Frankfurt, Main [No.:] 2006,06
Series/Report no.: 
Discussion Paper, Series 2: Banking and Financial Supervision 2006,06
Abstract: 
Based on a quarterly regulatory dataset for German banks from 1999 to 2004, this paper analyzes the effects of banks’ regulatory capital on the transmission of monetary policy in a system of liquidity networks. The dynamic panel regression results provide evidence in favor of the bank capital channel theory. Banks holding less regulatory capital and less interbank liquidity react more restrictively to a monetary tightening than their peers.
Subjects: 
Monetary policy transmission
Bank lending channel
Bank capital channel
Liquidity networks
JEL: 
E52
G21
G28
C23
ISBN: 
3865582001
Document Type: 
Working Paper

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