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The Bank Lending Channel Transmission of Monetary Policy in the EMU: A Case Study of Portugal

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  • Candida Ferreira

Abstract

This paper confirms the importance of bank performance to the credit-lending channel of monetary policy in the countries of the EMU and particularly in Portugal during recent years. The paper's main innovations are (1) its use of macro and microeconomic statistical data; (2) the introduction of three calculated bank-performance indicators—asset structure, conversion of clients' resources into credits and financial margins—into an adaptation of the Bernanke and Binder model; and (3) the use of panel data estimations not only to demonstrate the importance of the bank lending channel, but also to analyse the effects of the calculated indicators in bank-lending growth.

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  • Candida Ferreira, 2007. "The Bank Lending Channel Transmission of Monetary Policy in the EMU: A Case Study of Portugal," The European Journal of Finance, Taylor & Francis Journals, vol. 13(2), pages 181-193.
    • Handle: RePEc:taf:eurjfi:v:13:y:2007:i:2:p:181-193
    DOI: 10.1080/13518470601025128
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    1. Michael Ehrmann & Leonardo Gambacorta & Jorge Mart�nez-Pag�s & Patrick Sevestre & Andreas Worms, 2001. "Fynancial Systems and the Role of Banks in Monetary Policy Transmission in the Euro area," Temi di discussione (Economic working papers) 432, Bank of Italy, Economic Research and International Relations Area.
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    Cited by:

    1. Erdinç, Didar, 2013. "Monetary Transmission and Bank Lending Channel under the Currency Board: The Case of Bulgaria, 1999-2010," MPRA Paper 111539, University Library of Munich, Germany.
    2. Uluc Aysun & Ryan Brady & Adam Honig, 2011. "Financial Frictions and the Credit Channel of Monetary Transmission," Working Papers 2011-03, University of Central Florida, Department of Economics.
    3. Perdichizzi, Salvatore & Duqi, Andi & Molyneux, Philip & Tamimi, Hussein Al, 2023. "Does unconventional monetary policy boost local economic development? The case of TLTROs and Italy," Journal of Banking & Finance, Elsevier, vol. 148(C).
    4. Maslov, Alexander, 2011. "Inflationary Handicap Of The Monetary Transmission Mechanism: Evidence From Russia," MPRA Paper 50036, University Library of Munich, Germany, revised 12 Apr 2012.

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