Banks' regulatory buffers, liquidity networks and monetary policy transmission

被引：20

作者：

Merkl, Christian ^{[1
,2
]}

Stolz, Stephanie ^{[3
,4
]}

机构：

[1] Kiel Inst World Econ IfW, D-24105 Kiel, Germany

[2] Univ Kiel, D-24118 Kiel, Germany

[3] Deutsch Bundesbank, D-60431 Frankfurt, Germany

[4] Int Monetary Fund, Washington, DC 20431 USA

来源：

APPLIED ECONOMICS | 2009年 / 41卷 / 16期

关键词：

PANEL-DATA;

D O I：

10.1080/00036840802360245

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Based on a quarterly regulatory dataset for German banks from 1999 to 2004, this article analyses the effects of banks' regulatory capital on the transmission of monetary policy in a system of liquidity networks. The dynamic panel regression results provide evidence in favour of the bank capital channel theory. Banks holding less regulatory capital and less interbank liquidity react more restrictively to a monetary tightening than their peers.

引用

页码：2013 / 2024

页数：12

共 27 条

[1] Consistent model and moment selection procedures for GMM estimation with application to dynamic panel data models [J].