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The broad credit and bank capital channels of monetary policy transmission in the core and peripheral Euro Area (CROSBI ID 264596)

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Tica, Josip ; Dajčman Silvo The broad credit and bank capital channels of monetary policy transmission in the core and peripheral Euro Area // Zbornik radova Ekonomskog fakulteta u Rijeci : časopis za ekonomsku teoriju i praksu, 35 (2017), 2; 249-275. doi: 10.18045/zbefri.2017.2.249

Podaci o odgovornosti

Tica, Josip ; Dajčman Silvo

engleski

The broad credit and bank capital channels of monetary policy transmission in the core and peripheral Euro Area

The goal of the paper is to identify and estimate transmission of monetary policy impulses through the broad credit and bank capital monetary policy transmission channels in the "core" and "peripheral" countries of the euro area. We employ the Euro Area Banking Lending Survey to identify the channels. Following identification, we employ the data in a panel vector autoregression model (PVAR) to investigate the pass-through of the standard and nonstandard monetary policy impulses to the gross domestic product (GDP), inflation, and volume of loans. The results imply that channels are interrelated and the broad credit channel is relatively stronger than the bank capital channel, while the relative importance of the bank capital channel is higher in peripheral than core euro area countries.

monetary policy, transmission channels, bank credit standards, non-standard monetary policy

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Podaci o izdanju

35 (2)

2017.

249-275

objavljeno

1331-8004

1846-7520

10.18045/zbefri.2017.2.249

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