Our paper calls attention to the heterogeneous levels of competition in EMU banking systems. We enhanced the ECB MFI … competition considerably affect funding conditions in the individual countries and therefore hinder a homogeneous transmission of …

Our paper calls attention to the heterogeneous levels of competition in EMU banking systems. Employing a modified …–2009, we find that changes in competition considerably affect funding conditions in the individual countries and therefore …

The typical portrait of monetary policy has the banks and the money supply being manipulated through changes in bank … reserves. However, with only a small portion of bank deposits now subject to reserve requirements, an alternative explanation … requirements for monetary policy. In particular, we identify a "bank balance-sheet channel" of monetary policy, which operates …

significant central bank reserves. Against this background, Uruguay now faces issues beyond those addressed to stabilize the … central bank reserves. …