Detailed Information on Publication Record
2017
The bank lending channel of monetary policy in EU countries during the global financial crisis
HERYÁN, Tomáš and Panayiotis TZEREMESBasic information
Original name
The bank lending channel of monetary policy in EU countries during the global financial crisis
Authors
HERYÁN, Tomáš (203 Czech Republic, belonging to the institution) and Panayiotis TZEREMES (300 Greece)
Edition
Economic Modelling, 2017, 0264-9993
Other information
Language
English
Type of outcome
Článek v odborném periodiku
Field of Study
50202 Applied Economics, Econometrics
Country of publisher
United Kingdom of Great Britain and Northern Ireland
Confidentiality degree
není předmětem státního či obchodního tajemství
References:
RIV identification code
RIV/47813059:19520/17:00010542
Organization unit
School of Business Administration in Karvina
UT WoS
000416616700002
Keywords in English
Lending channel; Transmission mechanism; Crisis times; Old EMU and new EU countries
Links
GA13-03783S, research and development project.
Změněno: 7/2/2020 11:00, RNDr. Daniel Jakubík
Abstract
V originále
The study examines the existence of the bank lending channel of monetary policy in European Union (EU) countries. The paper advances current research on the monetary transmission mechanism in the following ways: Firstly, we analyze the differences between 'old' Economic Monetary Union (EMU) and 'new' EU countries. Secondly, we examine the key bank characteristics and monetary policy indicators that may have an impact on the bank lending channel. We assume that short-term market interest rates and monetary aggregate M2 affect banks' activities. We apply the generalized method of moments (GMM) with pooled data from 1999 to 2012. We show that in the pre-crisis period the effect of changing the short-term market interest rates on the bank lending channel of monetary policy is more pronounced among 'old' EMU countries, whereas the effect of M2 is significant during the period of the global financial crisis (GFC) among 'old' EMU countries. Last but not least the important finding is that banks in 'new' EU countries react differently to monetary shocks.