| Titre | Asymétries financières et transmission de la politique monétaire en Europe | |
|---|---|---|
| Auteur | Benoît Mojon, Virginie Coudert | |
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Revue | Economie et prévision |
| Numéro | no 128, 1997/2 L'intégration européenne : nouveaux enjeux | |
| Rubrique / Thématique | L'intégration européenne : nouveaux enjeux |
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| Page | 41-60 | |
| Résumé anglais |
Financial Asymmetries and Monetary Policy Transmission by Virginie Coudert and Benoît Mojon
In view of an impending single monetary policy in Europe, it is essential to know whether one and the same monetary policy has a similar effect on national economies. Despite the prevalent use of the interest rate as an instrument by the central banks, there are numerous channels via which monetary policy is transmitted to the real sphere. In addition to the IS-LM channel concerning the money supply and interest rates, and the exchange rate channel with its well-known effect on prices and foreign trade, a credit transmission channel has recently been highlighted by numerous studies. Dependency on bank loans by certain categories of players, households and SMEs, introduces a transmission channel when banks adjust their credit supply in line with the tightness of the monetary policy. The relative weight of these different channels, with their potentially contradictory effects, conditions the efficiency of the monetary policy. Yet there are good grounds for believing that these transmission channels can differ from one country to another and even from one period to another in a single country. This is because the institutional organisation of the financial system differs and changes over time. Source : Éditeur (via Persée) |
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| Article en ligne | http://www.persee.fr/web/revues/home/prescript/article/ecop_0249-4744_1997_num_128_2_5848 |
