The credit channel of monetary policy transmission: evidence from stock returns

2007 ◽  
Vol 39 (1) ◽  
pp. 74-85 ◽  
Author(s):  
EJ Warner ◽  
C Georges
Keyword(s):  
Monetary Policy ◽  
Stock Returns ◽  
Credit Channel ◽  
Monetary Policy Transmission ◽  
Policy Transmission

scholarly journals Bank competition and the credit channel of monetary policy: Evidence from an emerging country

2021 ◽  
Vol 8 (2) ◽  
pp. 85-91
Author(s):  
An et al. ◽  
Keyword(s):  
Monetary Policy ◽  
Commercial Banks ◽  
Large Scale ◽  
Estimation Method ◽  
Credit Channel ◽  
Monetary Policy Transmission ◽  
Policy Transmission ◽  
Emerging Country ◽  
Credit Channels ◽  
Different Levels

Our study provides one of the first examinations in an emerging country on the credit channel of monetary policy transmission under the influence of competition. The study was conducted using a panel data of 30 joint-stock commercial banks in Vietnam in the period of 2008-2017. By applying the DGMM estimation method, we found that the existence of the influence of competition on monetary policy transmission through credit channels. The higher bank competitiveness will make monetary policy transmission via credit channels of commercial banks less effective. Large-scale commercial banks, because of a merger or equity increase, will increase their competitiveness because of increased market share, which will weaken the monetary policy transmission through credit channels. The estimation results from the two methods of competitiveness measurement-the Lerner index and the Boone index–are in a united direction but at different levels.

scholarly journals The credit channel of monetary policy transmission: issues of quantitative measurement

2017 ◽  
Vol 166 (7-8) ◽  
pp. 51-55
Author(s):  
Ksenia Ekimova ◽  
◽  
Vladimir Kolmakov ◽  
Aleksandra Polyakova ◽  
◽  
...  
Keyword(s):  
Monetary Policy ◽  
Quantitative Measurement ◽  
Credit Channel ◽  
Monetary Policy Transmission ◽  
Policy Transmission

Monetary policy transmission in Nigeria: Does the credit channel work?

2021 ◽  
Vol 55 (1) ◽  
Author(s):  
Elijah A. P. Udoh ◽  
Mohammed Dauda ◽  
Kayode J. Ajayi ◽  
Nene C. Ikpechukwu
Keyword(s):  
Monetary Policy ◽  
Credit Channel ◽  
Monetary Policy Transmission ◽  
Policy Transmission

scholarly journals Measuring the Channels of Monetary Policy Transmission: A Factor-Augmented Vector Autoregressive (Favar) Approach

2016 ◽  
Vol 5 (2) ◽  
pp. 5-40 ◽  
Author(s):  
Dawit Senbet
Keyword(s):  
Monetary Policy ◽  
Operating Regime ◽  
Impulse Response Functions ◽  
Credit Channel ◽  
Monetary Policy Transmission ◽  
Vector Autoregressive ◽  
Transmission Mechanisms ◽  
Policy Transmission ◽  
Information Set ◽  
The U.S

Abstract There is more consensus on the effects of monetary policy than its transmission mechanism. Two channels of transmission mechanisms are the conventional interest rate channel and the credit channel. I investigate the channels of monetary policy transmission in the U.S. using the factor-augmented vector autoregressive (FAVAR) models developed by Bernanke, Boivin & Eliasz (2005). The newly developed FAVAR approach allows the researcher to include all relevant macroeconomic variables in the model and analyze them. Therefore, the FAVAR models span a larger information set and generate better estimates of impulse response functions than the commonly used vector autoregressive (VAR) models that utilize only 4–8 variables. I include 154 monthly U.S. time series variables for the period 1970–2014. The findings support the existence of the credit channel in the U.S. The conclusion remains the same when the non-borrowed reserve operating regime (October 1979–October 1982) is removed from the sample period.

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