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Heterogeneous "Credit Channels: and Optimal Monetary Policy in a Monetary Union

Author

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  • Gambacorta, L.

Abstract

The growing prospect of European monetary integration has prompted interest in the study of differences in financial systems and their consequences for monetary transmission processes. This paper analyses the case of a monetary union composed of countries with heterogeneous "credit channels". In order to better insulate the economies from the asymmetric effects produced by differences in national financial systems, a money supply process, based on the interest rate on bonds and its spread with respect to the bank lending rate, is proposed.

Suggested Citation

  • Gambacorta, L., 1997. "Heterogeneous "Credit Channels: and Optimal Monetary Policy in a Monetary Union," The Warwick Economics Research Paper Series (TWERPS) 492, University of Warwick, Department of Economics.
    • Handle: RePEc:wrk:warwec:492
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    File URL: https://warwick.ac.uk/fac/soc/economics/research/workingpapers/1995-1998/twerp492.pdf
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    Cited by:

    1. Paola Dongili & Angelo Zago, 2005. "Bad loans and efficiency in Italian Banks," Working Papers 28/2005, University of Verona, Department of Economics.
    2. Siviero, S. & Terlizzese, D. & Visco, I., 1999. "Are Model-Based Inflation Forecasts Used in Monetary Policymaking? A Case Study," Papers 357, Banca Italia - Servizio di Studi.
    3. Christophe Hurlin & Rafal Kierzenkowski, 2002. "A Theoretical and Empirical Assessment of the Bank Lending Channel and Loan Market Disequilibrium in Poland," NBP Working Papers 22, Narodowy Bank Polski.
    4. Marco Mazzoli, 2001. "A simple enquiry on heterogeneous lending rates and lending behaviour," Heterogeneity and monetary policy 0105, Universita di Modena e Reggio Emilia, Dipartimento di Economia Politica.

    More about this item

    Keywords

    MONETARY AREAS ; MONETARY POLICY ; CREDIT;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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