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Drudi, Francesco; Köhler-Ulbrich, Petra; Protopapa, Marco - European Central Bank - 2009

1999 to 2007. It looks at mortgage indebtedness, various characteristics of loans for house purchase, the funding of such …

Persistent link: https://www.econbiz.de/10004969142

Do house price developments spill over across euro area countries? Evidence from a Global VAR

Hiebert, Paul; Vansteenkiste, Isabel - European Central Bank - 2009

This paper empirically assesses the prospects for house price spillovers in the euro area, where co-movement in house prices across countries may be particularly relevant given a general trend with monetary union toward increasing linkages in trade, financial markets, and general economic...

Persistent link: https://www.econbiz.de/10005002801

What drives returns to euro area housing? Evidence from a dynamic dividend-discount model

Hiebert, Paul; Sydow, Matthias - European Central Bank - 2009

We apply a dynamic dividend-discount model to analyse unexpected housing returns in a panel of eight euro area countries which together comprise 90% of euro area GDP. The application of this model allows for a de-composition of house price movements into movements in rent (cash-flow) and...

Persistent link: https://www.econbiz.de/10005002815

Forecasting and assessing Euro area house prices through the lens of key fundamentals

Gattini, Luca; Hiebert, Paul - European Central Bank - 2010

This paper presents a parsimonious model for forecasting and analysing euro area house prices and their interrelations with the macroeconomy. A quarterly vector error correction model is estimated over 1970-2009 using supply and demand forces central to the determination of euro area house...

Persistent link: https://www.econbiz.de/10008678670

Financial systems and the role of banks in monetary policy transmission in the euro area

Ehrmann, Michael; Gambacorta, Leonardo; Martinéz … - European Central Bank - 2001

monetary policy does alter bank loan supply, with the effects most dependent on the liquidity of individual banks. Unlike in … the US, the size of a bank does generally not explain its lending reaction. We also show that the standard publicly …

Persistent link: https://www.econbiz.de/10004969169

Is there a bank lending channel of monetary policy in Spain?

Hernando, Ignacio; Martinéz Pagés, Jorge - European Central Bank - 2001

This paper uses panel data on banks, for the period 1991-98, to test the existence of a bank-lending channel in the … analyse the differential responses, to monetary policy changes, of bank lending by banks with different size, liquidity and … results are mostly against the existence of a bank-lending channel in the period under analysis. This result appears to be …

Persistent link: https://www.econbiz.de/10004969175

Is there a bank lending channel of monetary policy in Greece? Evidence from bank level data

Brissimis, Sophocles N.; Kamberoglou, Nicos C.; … - European Central Bank - 2001

This paper analyses empirically the role of bank lending in monetary policy transmission on the basis of Greek bank … variables to bank loans in the spirit of Kashyap and Stein's work. The other, which in general yields more satisfactory results … balance-sheet characteristics on banks' ability to supply loans and investigates directly the behaviour of bank loan supply. A …

Persistent link: https://www.econbiz.de/10005070387

Monetary Transmission in the Euro Area : Where Do We Stand?

Mojon, Benoît; Kashyap, Anil K.; Angeloni, Ignazio; … - European Central Bank - 2002

? (3) if not, is the bank lending channel a likely candidate to complete the story? We find plausible euro-area wide … almost all. Where the IRC is not dominant, there is normally some direct evidence supporting the presence of a bank lending …

Persistent link: https://www.econbiz.de/10005070389

Asymmetries in bank lending behaviour. Austria during the 1990s

Kaufmann, Sylvia - European Central Bank - 2001

This paper investigates both cross-sectional asymmetry (related to bank-specific characteristics like size and … liquidity) and asymmetries over time (potentially related to the overall state of the economy) in Austrian bank lending reaction … rate changes over time on bank lending. During economic recovery, lagged interest rate changes have no significant effect …

Persistent link: https://www.econbiz.de/10005530769

The credit channel in the Netherlands: evidence from bank balance sheets

de Haan, Leo - European Central Bank - 2001

This study contributes to the empirical evidence on the lending channel in the Netherlands using individual bank data … the lending channel theory. A contribution of this study is that it gives evidence that the monetary policy impact on bank … lending also depends on the market segment in which a bank is active. The evidence suggests that the lending channel is not …

Persistent link: https://www.econbiz.de/10005530961