Monetary Policy Transmission on the Banking Sector in the Euro Area – Abstract

Giorgio Di Giorgio and Guido Traficante

Rivista Bancaria - Minerva Bancaria, 2014, issue 1

Abstract: In this paper we assess the monetary policy transmission on the banking sector in the euro area, distinguishing between the dynamics within cooperative banks and in the whole banking sector. Our analysis is carried out through a VAR for France, Germany and Italy. We show that the interest rate channel is stronger in France and Germany and relatively less intense in Italy. We believe that this difference is due to the Italian productive structure, mainly characterized by small and medium companies that cannot easily find a substitute for banks’ loans. Also within cooperative banks, we find that the monetary policy transmission is heterogeneous. A monetary policy tightening determines a significant reduction only in the loans given by cooperative banks in France.

Keywords: Monetary Policy, VAR, Banking Sector; Cooperative Banks (search for similar items in EconPapers)
JEL-codes: E44 E52 G21 (search for similar items in EconPapers)
Date: 2014
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