The transmission mechanism of monetary policy in Japan: Evidence from banks' balance

被引：33
|
作者：
Hosono, Kaoru [1 ]
机构：
[1] Gakushuin Univ, Fac Econ, Toshima Ku, Tokyo 1718588, Japan
来源：
JOURNAL OF THE JAPANESE AND INTERNATIONAL ECONOMIES | 2006年 / 20卷 / 03期
关键词：
lending channel; balance sheets; capital adequacy requirement;
D O I：
10.1016/j.jjie.2005.07.003
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We examine how banks' responses to monetary policy vary according to their balance sheet using Japanese bank data from 1975 to 1999. We find that the effect of monetary policy on lending is stronger for banks that are smaller, less liquid, and more abundant with capital. The effects of bank balance sheet on monetary transmission are different by bank types, policy stances and borrowers' industries. Our results imply that a lending channel of monetary transmission exists, that the effect of expansionary monetary policy is attenuated if banks' capital is scarce, and that the effect of monetary policy on the allocation of funds depends on banks' balance sheets.
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页码：380 / 405
页数：26
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