Credit Market Imperfections, Financial Structure and Economic Activity: An Overview of Empirical Findings

Fernando Barran
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Fernando Barran: UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES); Central Bank of Uruguay

No 1994010, LIDAM Discussion Papers IRES from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)

Abstract: In the last decade, a renewed debate on the monetary transmission mechanism has emerged. Recent empirical works analyse the response of financial and real variables to shifts in monetary policy and interpret its implication for the nature of the monetary transmission mechanism. Both, money and credit appear as vehicles for transmitting monetary impulses rather than separate sources of such fluctuations. However, these channels of monetary transmission (may) differ by sector. Credit market imperfections can explain this different behavior across sectors. A better understanding of the financial propagation mechanism can be provided by firm level data.

Pages: 35
Date: 1994-03-01
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Persistent link: https://EconPapers.repec.org/RePEc:ctl:louvir:1994010

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