EconPapers    
Economics at your fingertips  
 

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

Paul Hubert and Mathilde Viennot ()
Additional contact information
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
References: Add references at CitEc
Citations: View citations in EconPapers (2) Track citations by RSS feed

Downloads: (external link)
http://fessud.eu/wp-content/uploads/2013/04/The-mo ... conditions_WP_17.pdf Full text (application/pdf)
Our link check indicates that this URL is bad, the error code is: 500 Can't connect to fessud.eu:80 (No such host is known. )

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fes:wpaper:wpaper17

Access Statistics for this paper

More papers in Working papers from Financialisation, Economy, Society & Sustainable Development (FESSUD) Project FESSUD Co-ordinator (Malcolm Sawyer) Leeds University Business School Maurice Keyworth Buidling Leeds LS2 9JT.
Bibliographic data for series maintained by Helen Evans ().

 
Page updated 2021-04-18
Handle: RePEc:fes:wpaper:wpaper17