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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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-term interest rates are accompanied by increases in bank credit; a phenomenon referred to as "the loan puzzle." This study … investigates, through the estimation of a structural vector autoregressive model using national and sectoral-level data, whether … shock to short-term interest rates, the volume of bank credit to firms exhibits a positive and short-lived response but …
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bank lending associated with changes in monetary policy and industryspecific bank credit demand. To this end, we estimate … that industry-specific bank lending growth predominantly responds to changes in industry-specific bank credit demand rather … lending. Because industries are a prominent source of variation in the bank lending effects of bank credit demand and monetary …
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