Monetary transmission and bank lending: is the single monetary policy homogenous across euro area countries?

  1. Eleuterio Vallelado 1
  2. Javier Villar Burke 2
  1. 1 Universidad de Valladolid
    info

    Universidad de Valladolid

    Valladolid, España

    ROR https://ror.org/01fvbaw18

  2. 2 Universidade de Santiago de Compostela
    info

    Universidade de Santiago de Compostela

    Santiago de Compostela, España

    ROR https://ror.org/030eybx10

Revista:
UCJC Business & Society Review

ISSN: 2659-3270

Año de publicación: 2019

Volumen: 16

Número: 1

Páginas: 18-37

Tipo: Artículo

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Otras publicaciones en: UCJC Business & Society Review

Resumen

Postulamos que los préstamos bancarios se ven afectados por la política del BCE a través de nuevos préstamos y a través del stock de préstamos existentes. En este contexto, este trabajo documenta una amplia diversidad en las características de los prestatarios, las características de los préstamos y la evolución de los precios en los Estados miembros de la zona euro que produce impactos heterogéneos en los préstamos bancarios. Por lo tanto, los países con mayor (menor) inflación, mayor (menor) stock de préstamos con vencimientos más largos (más cortos) y mayor (menor) proporción de préstamos de tipo variable se ven más afectados (menos) cuando el BCE cambia sus tipos. Las diferencias significativas en estos factores en todos los Estados miembros de la zona del euro pueden distorsionar una transmisión homogénea de la política monetaria única y generar asimetrías en los préstamos bancarios.

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