Year: 1997
Author: Guender, Alfred, Moersch, Mathias
Credit and Capital Markets – Kredit und Kapital, Vol. 30 (1997), Iss. 2 : pp. 173–185
Abstract
On the Existence of a Credit Channel of Monetary Policy in Germany
This paper analyzes the credit channel of monetary policy in Germany. It finds little evidence for the existence of a credit channel, while confirming the standard channel of monetary transmission which works through bank liabilities. The findings suggest that, first, monetary policy shocks are largely transmitted through bank liabilities rather than assets. Second, after a policy tightening loans as a share of overall assets increase temporarily. The absence of a credit channel is consistent with a strong Hausbank relationship, in which banks insulate loan portfolios from monetary policy shocks.
Journal Article Details
Publisher Name: Global Science Press
Language: Multiple languages
DOI: https://doi.org/10.3790/ccm.30.2.173
Credit and Capital Markets – Kredit und Kapital, Vol. 30 (1997), Iss. 2 : pp. 173–185
Published online: 1997-02
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 13
Author Details
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