One size may not fit all: Financial fragmentation and European monetary policies

Autor: Marie‐Hélène Gagnon, Céline Gimet
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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