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The monetary transmission mechanism in France: effects of the policy interest rate on bank interest rates and credit conditions

Paul Hubert and Mathilde Viennot ()
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Paul Hubert: L'Observatoire francais des conjonctures economiques (OFCE)

Working papers from Financialisation, Economy, Society & Sustainable Development (FESSUD) Project

Abstract: This paper analyses the monetary transmission mechanism for France over the period 1999-2012 through two of its main channels: the interest rate channel and the bank lending channel. It also focuses on the impact of the recent financial crisis on the pass-through to interest rates and credit volumes. The effect of a change in the interest rates set by the European Central bank is positive and significant for money market rates, government debt rates and lending rates to non-financial corporations, implying that the interest rate channel is quite strong in France, especially in the short-term (the effect is weaker for rates with a maturity over 2 years); the pass-through to credit volumes seems to be non-significant.

Keywords: monetary transmission mechanism; interest rate channel; bank lending channel; financial crisis (search for similar items in EconPapers)
JEL-codes: E52 E43 E44 E58 G21 (search for similar items in EconPapers)
Pages: 41 pages
Date: 2013-02-14
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