This paper presents forecasts for eight European Union member states for the years 1998 and 1999 based on the macroeconomic structural model EUROMON of the Nederlandsche Bank. In the baseline projection the economic effects of a fall in Asian economic growth resulting from the financial-economic...

This paper introduces the monetary transmission channels and gives special attention to credit channels and the asymmetric effects of monetary policy. In addition, an overview of recent empirical findings with respect to the monetary transmission process in the EU-countries Germany, France,...

This paper studies the macroeconomic relevance of credit channels of monetary policy by examining the impact of the external finance premium (EFP), that may vary over the business cycle, on private consumption in Europe. A consumption model incorporates credit channels by assuming that...

This paper uses disaggregated data on bank balance sheets to test the existence of credit channels of monetary policy transmission in a broad sense in Europe for the years 1990-1995. On the basis of a theoretical model, it is argued that the existence of a bank lending channel implies that banks...

This paper provides a brief overview of the main issues at stake related to institutional structure and monetary transmission in Europe. We argue that differences in institutional arrangements, both economic and legal, are potential causes of differences in monetary transmission mechanisms among...

This study aims at assessing empirically the determinants of changes in risk-weighted bank capital ratios in the 1990s in Germany, France, Italy, the Netherlands, the UK and the US. Both bank-specific characteristics, factors at the banking industry level and the degree of undercapitalization...

Off-balance-sheet activities of various types of banks in Germany, France, United Kingdom, Belgium and the Netherlands are analysed for the years 1989-1995. The panel data regression results show that - apart from an autonomous speed of diffusion - bank characteristics, regulation and...

Countries differ as to financial structure. That goes also for countries taking part in the Economic and Monetary Union, EMU. As a result, the ECB's monetary policy does not necessarily affect economic activity and price developments in individual euro area countries to the same extent. The...

This paper studies the macroeconomic relevance of credit channels of monetary policy by examining the impact of the external finance premium (EFP), which may vary over the business cycle, on private consumption in Europe. A consumption model incorporates credit channels by assuming that...