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Article Dans Une Revue Review of International Economics Année : 2023

One size may not fit all: Financial fragmentation and European monetary policies

Résumé

This article investigates the impact of European Central Bank policies on credits considering financial and banking fragmentation. Using European data from the past decade, we estimate SVAR models to analyze the regional impact of conventional and unconventional measures on price and volume indicators of fragmentation. The risk-taking channel is studied using GVAR models to document the national consequences of this fragmentation. We find that unconventional measures increase credit in peripheral countries. Monetary policies alleviate fragmentation, but mostly in terms of price dispersion rather than credit volume. Finally, unconventional measures imply a rebalancing of European bank assets in favor of foreign currency denominated-assets.
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Dates et versions

hal-03777950 , version 1 (15-09-2022)

Licence

Paternité - Pas d'utilisation commerciale - Pas de modification - CC BY 4.0

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Marie‐hélène Gagnon, Céline Gimet. One size may not fit all: Financial fragmentation and European monetary policies. Review of International Economics, 2023, 31 (1), pp.305-340. ⟨10.1111/roie.12627⟩. ⟨hal-03777950⟩
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