Credit affects the economy via various channels: its price, collateral requirements and the extent of rationing. Would … the intensity of monetary transmission be affected by the market structure of the credit industry? Using a spatial … competition framework I demonstrate how credit market structure can affect the transmission of monetary policy changes into real …

, Hungary and Poland at the end of 1998. We argue that the institutions for the conduct of monetary policy in these countries … the Czech Republic, Hungary and Poland was largely due to the decline in import prices in the second half of 1998, and …