competition among banks and monetary policy pdf

Competition Among Banks And Monetary Policy Pdf

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Bank competition and export diversification

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated. Impact of bank competition on the interest rate pass-through in the euro area. This paper analyses the impact of loan market competition on the interest rates applied by euro area banks to loans and deposits during the period, using a novel measure of competition called the Boone indicator. We find evidence that stronger competition implies significantly lower spreads between bank and market interest rates for most loan market products.

Using an error correction model ECM approach to measure the effect of competition on the pass-through of market rates to bank interest rates, we likewise find that banks tend to price their loans more in accordance with the market in countries where competitive pressures are stronger. Further, where loan market competition is stronger, we observe larger bank spreads implying lower bank interest rates on current account and time deposits.

This would suggest that the competitive pressure is heavier in the loan market than in the deposit markets, so that banks compensate for their reduction in loan market income by lowering their deposit rates. We observe also that bank interest rates in more competitive markets respond more strongly to changes in market interest rates. These findings have important monetary policy implications, as they suggest that measures to enhance competition in the European banking sector will tend to render the monetary policy transmission mechanism more effective.

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Monetary policy

This chapter combines recent findings from the empirical banking literature with established insights from studies of banking competition and regulation. It starts with a concise overview and assessment of the different methodological approaches taken to address banking competition. While market structure indicators are readily available, they may not be overly informative about the competitive conditions in banking markets. The chapter then structures a discussion on the empirical findings based upon a framework that finds its roots in the different theories of financial intermediation. Many other specific approaches to infer banking competition are discussed, in particular, the impact that regulation and information-sharing between banks may have on banking competition. Keywords: competition , banking sector , market structure , regulation , information-sharing. Access to the complete content on Oxford Handbooks Online requires a subscription or purchase.

Skip to search form Skip to main content You are currently offline. Some features of the site may not work correctly. DOI: Khan and R. Khan , R. We examine the role of bank competition for the transmission of monetary policy through the bank lending channel. We also consider the extent to which banks' characteristics — i.

Impact of bank competition on the interest rate pass-through in the euro area

This phenomenon is economically more significant for periphery country banks than for core country banks. Journal of Money, Credit and Banking, 36 3 , pp. Is there a zero lower bound?

Hans Degryse, Adiana Paola Morales Acevedo, and Steven Ongena

Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing borrowing by banks from each other to meet their short-term needs or the money supply , often as an attempt to reduce inflation or the interest rate , to ensure price stability and general trust of the value and stability of the nation's currency. Monetary policy is a modification of the supply of money, i. This is in contrast to fiscal policy , which relies on taxation , government spending , and government borrowing [4] as methods for a government to manage business cycle phenomena such as recessions. Further purposes of a monetary policy are usually to contribute to the stability of gross domestic product , to achieve and maintain low unemployment , and to maintain predictable exchange rates with other currencies. Monetary economics can provide insight into crafting optimal monetary policy.

Monetary Policy Issues Arising From Bank Competition

Economic Policy pp Cite as.

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Melissa S.

To read the full-text of this research, you can request a copy directly from the author. Request full-text PDF.


Summer D.

Specifically, in the presence of non$cooperative behavior and limited entry, monetary policy only affects the rate of return to money. There$ fore, it.



We find evidence that stronger competition implies significantly lower spreads between bank and market interest rates for most loan market products, in line with expectations.


Valeria C.

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