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Empirical research on the monetary transmission mechanism considering credit developments is almost exclusively limited … to the amount of outstanding credit in an economy. Two issues arise out of this. First, stock-flow inconsistencies might … occur. Second, the change of the outstanding amount of credit on banks ́balance sheets does not consist only of new lending …
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The article supplements the research on the effectiveness of monetary policy transmission - especially through the bank lending channel. The current study focuses on assessing the transmission of monetary impulses through commercial and cooperative banks as well as through individual loan...
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find that: bond finance dampens the overall response of firm credit to monetary policy shocks in economies with a high …
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