Monetary policy and bank lending in France: are there asymmetries?

Claire Loupias (), Frédérique Savignac and Patrick Sevestre

No 101, Working Paper Series from European Central Bank

Abstract: This paper aims at providing some empirical evidence about the impact of monetary policy on bank lending at the microeconomic level. We estimate a model close to that proposed by Kashyap and Stein (2000) using a panel data set comprising 312 banks observed quarterly over the period 1993-2000. We find that bank lending decreases after a monetary policy tightening. Moreover, as in several other Euro area economies, banks' liquidity appears to impact significantly on their lending behavior JEL Classification: D14, E44, E5, G21, R21

Keywords: credit channel; monetary policy (search for similar items in EconPapers)
Date: 2001-12
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Citations: View citations in EconPapers (20)

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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:2001101

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