BANK NETWORKS AND MONETARY POLICY TRANSMISSION
成果类型：
Article
署名作者：
Ehrmann, Michael; Worms, Andreas
署名单位：
European Central Bank; Deutsche Bundesbank
刊物名称：
JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
ISSN/ISSBN：
1542-4766
DOI：
10.1162/1542476042813904
发表日期：
2004
页码：
1148-1171
关键词：
摘要：
This paper argues that the existence of bank networks is important for banks' reactions to monetary policy. For the example of Germany, it is found that small banks access the interbank market indirectly through the large head institutions of their respective network organizations. The interbank flows within these networks allow smaller banks to manage their funds in a fashion that helps them in keeping their loan portfolio with nonbanks relatively unaffected after a monetary contraction. This implies that tests for a bank-lending channel in countries with comparable bank networks should not rely on a size criterion only, and explains why several recent contributions have found a prominent role for banks' liquidity positions. (JEL: C32, E52, G21)
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