HERYÁN, Tomáš a Panayiotis TZEREMES. The bank lending channel of monetary policy in EU countries during the global financial crisis. Economic Modelling. 2017, Neuveden, č. 67, s. 10-22. ISSN 0264-9993.
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Základní údaje
Originální název The bank lending channel of monetary policy in EU countries during the global financial crisis
Autoři HERYÁN, Tomáš (203 Česká republika, domácí) a Panayiotis TZEREMES (300 Řecko).
Vydání Economic Modelling, 2017, 0264-9993.
Další údaje
Originální jazyk angličtina
Typ výsledku Článek v odborném periodiku
Obor 50202 Applied Economics, Econometrics
Stát vydavatele Velká Británie
Utajení není předmětem státního či obchodního tajemství
WWW URL
Kód RIV RIV/47813059:19520/17:00010542
Organizační jednotka Obchodně podnikatelská fakulta v Karviné
UT WoS 000416616700002
Klíčová slova anglicky Lending channel; Transmission mechanism; Crisis times; Old EMU and new EU countries
Návaznosti GA13-03783S, projekt VaV.
Změnil Změnil: RNDr. Daniel Jakubík, učo 139797. Změněno: 7. 2. 2020 11:00.
Anotace
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.
VytisknoutZobrazeno: 29. 7. 2021 14:40