Heterogeneous transmission mechanism and the credit channel in the euro area

Matteo Ciccarelli and Angela Maddaloni

Research Bulletin, 2013, vol. 18, 2-8

Abstract: The overall impact on the euro area economy of the financial crisis that started in 2007 was considerable, however with different effects across the various different countries and financial intermediaries. This article analyses the way in which the financial fragility of financial intermediaries and borrowers has affected the monetary policy transmission mechanism in the euro area, in particular through the credit channel. The study suggests that the effect of the bank lending channel has been partly mitigated by the non-standard policy measures that the ECB implemented until the end of 2011. At the same time, credit frictions for borrowers, especially from small banks, continued to prevail, particularly in distressed countries. JEL Classification: E44, E52, G01, G21, G28

Keywords: heterogeneity; credit channel (search for similar items in EconPapers)
Date: 2013-04
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbrbu:2013:0018:1

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