Bank Lending Channel during the Quantitative Monetary Easing Policy Period

Hitoshi Inoue
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Hitoshi Inoue: Osaka School of International Public Policy (OSIPP),Osaka University

No 09J004, OSIPP Discussion Paper from Osaka School of International Public Policy, Osaka University

Abstract: This paper investigates an existence of the bank lending channel during the quantitative monetary easing policy (QMEP) period, using panel data of Japanese banks' balance sheets. We find that growth rates of lending of smaller banks and healthier banks responded well to the QMEP. We also find that the growth rate of lending of an average bank responded to the QMEP significantly. These results imply that the bank lending channel existed during the QMEP period.

Keywords: Monetary policy; Bank of Japan; base money; system GMM (search for similar items in EconPapers)
JEL-codes: E52 E58 G21 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ban, nep-cba, nep-mac and nep-mon
Date: 2009-04
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Persistent link: http://EconPapers.repec.org/RePEc:osp:wpaper:09j004

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