Monetary transmission and bank lending: is the single monetary policy homogenous across euro area countries?

• Eleuterio Vallelado ^[1] ; Javier Villar Burke ^[2]
  1. [1] Universidad de Valladolid

     Universidad de Valladolid

     Valladolid, España

     
  2. [2] Universidade de Santiago de Compostela

     Universidade de Santiago de Compostela

     Santiago de Compostela, España

     
• Localización: UCJC Business & Society Review, ISSN-e 2659-3270, Vol. 16, Nº. 1, 2019, págs. 18-37
• Idioma: inglés
• Títulos paralelos:
  • Transmisión monetaria y préstamos bancarios: ¿Es la Política Monetaria Común homogénea en los países de la Zona Euro?
• Enlaces
  • Texto completo
• Resumen
  • español

    Postulamos que los préstamos bancarios se ven afectados por la política del BCE a través de nuevos préstamos y a través del stock de préstamos existentes. En este contexto, este trabajo documenta una amplia diversidad en las características de los prestatarios, las características de los préstamos y la evolución de los precios en los Estados miembros de la zona euro que produce impactos heterogéneos en los préstamos bancarios. Por lo tanto, los países con mayor (menor) inflación, mayor (menor) stock de préstamos con vencimientos más largos (más cortos) y mayor (menor) proporción de préstamos de tipo variable se ven más afectados (menos) cuando el BCE cambia sus tipos. Las diferencias significativas en estos factores en todos los Estados miembros de la zona del euro pueden distorsionar una transmisión homogénea de la política monetaria única y generar asimetrías en los préstamos bancarios.

  • English

    We postulate that bank lending is affected by ECB policy via new loans and via the stock of existing loans. In this context, this paper documents a wide diversity in borrowers’ features, loan features and price developments across euro area Member States that produces heterogeneous impacts in bank lending. Thus, countries with higher (lower) inflation, higher (lower) stock of loans longer (shorter) maturities, and higher (lower) proportion of adjustable rate loans are affected more (less) when ECB changes its policy rate. The significant differences in these factors across euro area Member States can distort a homogeneous transmission of the single monetary policy and generate asymmetries in bank lending

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