SØGEMULIGHEDER
Hjem Medier Explainers Forskning & Offentliggørelser Statistik Pengepolitik €uroen Betalinger & Markeder Kariere & Job
Forslag
Sortér efter
Findes ikke på dansk

Robert Unger

21 September 2021
OCCASIONAL PAPER SERIES - No. 270
Details
Abstract
The financing structure of the euro area economy has evolved since the global financial crisis with non-bank financial intermediation taking a more prominent role. This shift affects the transmission of monetary policy. Compared with banks, non-bank financial intermediaries are more responsive to monetary policy measures that influence longer-term interest rates, such as asset purchases. The increasing role of debt securities in the financing structure of firms also leads to a stronger transmission of long-rate shocks. At the same time, short-term policy rates remain an effective tool to steer economic outcomes in the euro area, which is still highly reliant on bank loans. Amid a low interest rate environment, the growth of market-based finance has been accompanied by increased credit, liquidity and duration risk in the non-bank sector. Interconnections in the financial system can amplify contagion and impair the smooth transmission of monetary policy in periods of market distress. The growing importance of non-bank financial intermediaries has implications for the functioning of financial market segments relevant for monetary policy transmission, in particular the money markets and the bond markets.
JEL Code
E4 : Macroeconomics and Monetary Economics→Money and Interest Rates
E5 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit
G2 : Financial Economics→Financial Institutions and Services
G38 : Financial Economics→Corporate Finance and Governance→Government Policy and Regulation

Vi bruger cookies på vores websted

Vi bruger funktionelle cookies til at lagre brugerpræferencer, analysecookies til at forbedre webstedets resultater, tredjepartscookies, der er fastsat af tredjepartstjenester, der er integreret på webstedet.

Du kan vælge at acceptere eller afvise dem. For yderligere oplysninger eller for at gennemgå din præference for de cookies og serverlogfiler, vi bruger, opfordrer vi dig til:

Læs vores databeskyttelseserklæring

Få mere at vide om, hvordan vi bruger cookies