Financial Structure and Monetary Transmission in Europe: A Crosscountry Study.
本书分析了六个欧洲国家的金融结构如何影响货币政策传导过程，重点关注信贷渠道，并探讨了表外业务的作用，旨在为单一欧洲货币政策的实施提供参考。
The book provides a cross‐country analysis of the influence of financial structure on the monetary transmission process in six European countries. This is done with an eye towards the implementation of a single European monetary policy. The emphasis in the book is on laying bare the credit channel of monetary policy transmission in Europe. The first two chapters are theoretical in nature. The first chapter gives theories and stylised facts. The financial structure is the result of intermediation, regulation, capital structure, agency relationships, and debt maturity structure. The second chapter starts with a description of the monetary transmission channels, namely, the direct monetary transmission, the interest rate channel, the asset price channel, the credit channel and the expectations and uncertainty effects. The rest of the chapter reviews the credit effects and the asymmetric effects debate, both theoretically and empirically. Chapter 3 reviews the role of off–balance–sheet (OBS) activities, presumably because these are an important determinant of the bank lending channel. Nevertheless, the chapter is a bit of a sidestep since the rest of the book focuses on the existence of the credit channel. An empirical analysis on the diffusion of OBS activities of banks is extensively treated. De Bondt investigates the speed of diffusion of OBS activities in a panel data setting with time, bank size, loan ratio, profitability, capital ratio, capital ratio over time, a time dummy, GDP growth, and the interest rate spread as the explanatory variables.