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Credit rationing and monetary transmission : evidence for Portugal

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Resumo:The hypothetical existence of rationing in the credit market is of paramount importance to understand the transmission mechanism of monetary policy. Two indirect empirical tests of credit rationing are presented and discussed using Portuguese data. The first test is a stickiness test to the response of loan rates to changes in money market conditions. For the second test a VAR is estimated in orderto analyse the implied causality relations.
Autores principais:St. Aubyn, Miguel
Outros Autores:Afonso, António
Assunto:Credit Rationing Credit Market Banking Causality Test Portugal
Ano:1998
País:Portugal
Tipo de documento:working paper
Tipo de acesso:acesso aberto
Instituição associada:Universidade de Lisboa
Idioma:inglês
Origem:Repositório da Universidade de Lisboa

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