One size may not fit all: Financial fragmentation and European monetary policies
Autor: | Marie‐Hélène Gagnon, Céline Gimet |
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Přispěvatelé: | Université Laval [Québec] (ULaval), Centre de recherche sur les risques, les enjeux économiques, et les politiques publiques (CRREP), Institut d'Études Politiques [IEP] - Aix-en-Provence, Aix-Marseille Sciences Economiques (AMSE), École des hautes études en sciences sociales (EHESS)-Aix Marseille Université (AMU)-École Centrale de Marseille (ECM)-Centre National de la Recherche Scientifique (CNRS), ANR-17-EURE-0020,AMSE (EUR),Aix-Marseille School of Economics(2017), ANR-11-IDEX-0001,Amidex,INITIATIVE D'EXCELLENCE AIX MARSEILLE UNIVERSITE(2011), ANR-21-CE41-0010,FFIE,Fragmentation financière et inégalités dans la zone euro(2021) |
Rok vydání: | 2022 |
Předmět: |
financial fragmentation
JEL: F - International Economics/F.F4 - Macroeconomic Aspects of International Trade and Finance/F.F4.F45 - Macroeconomic Issues of Monetary Unions JEL: E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E44 - Financial Markets and the Macroeconomy JEL: F - International Economics/F.F3 - International Finance/F.F3.F36 - Financial Aspects of Economic Integration Geography Planning and Development monetary policy banking fragmentation risk-taking channel Development [SHS.ECO]Humanities and Social Sciences/Economics and Finance JEL: F - International Economics/F.F4 - Macroeconomic Aspects of International Trade and Finance/F.F4.F42 - International Policy Coordination and Transmission JEL: E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy Central Banking and the Supply of Money and Credit/E.E5.E50 - General |
Zdroj: | Review of International Economics Review of International Economics, 2023, 31 (1), pp.305-340. ⟨10.1111/roie.12627⟩ |
ISSN: | 1467-9396 0965-7576 |
Popis: | International audience; This article investigates the impact of European Central Bank policies on credits considering financial and banking fragmentation. Using European data from the past decade, we estimate SVAR models to analyze the regional impact of conventional and unconventional measures on price and volume indicators of fragmentation. The risk-taking channel is studied using GVAR models to document the national consequences of this fragmentation. We find that unconventional measures increase credit in peripheral countries. Monetary policies alleviate fragmentation, but mostly in terms of price dispersion rather than credit volume. Finally, unconventional measures imply a rebalancing of European bank assets in favor of foreign currency denominated-assets. |
Databáze: | OpenAIRE |
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