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dc.contributor.authorLeuvensteijn, Michiel van
dc.contributor.authorKok Sørensen, Christoffer
dc.contributor.authorBikker, Jacob A.
dc.contributor.authorRixtel, Adrian van
dc.coverage.spatialPaíses de la UE
dc.date.accessioned2019-08-10T17:53:02Z
dc.date.available2019-08-10T17:53:02Z
dc.date.issued2008-12-04
dc.identifier.issnISSN: 0213-2710 (en papel)
dc.identifier.issnISSN: 1579-8666 (en línea)
dc.identifier.urihttps://repositorio.bde.es/handle/123456789/6958
dc.descriptionIncluye bibliografía
dc.description.abstractThis paper analyses the impact of loan market competition on the interest rates applied by euro area banks to loans and deposits during the 1994-2004 period, using a novel measure of competition called the Boone indicator. We find evidence that stronger competition implies significantly lower spreads between bank and market interest rates for most loan market products. Using an error correction model (ECM) approach to measure the effect of competition on the pass-through of market rates to bank interest rates, we likewise find that banks tend to price their loans more in accordance with the market in countries where competitive pressures are stronger. Further, where loan market competition is stronger, we observe larger bank spreads (implying lower bank interest rates) on current account and time deposits. This would suggest that the competitive pressure is heavier in the loan market than in the deposit markets, so that banks compensate for their reduction in loan market income by lowering their deposit rates. We observe also that bank interest ratesin more competitive markets respond more strongly to changes in market interest rates. These findings have important monetary policy implications, as they suggest that measures to enhance competition in the European banking sector will tend to render the monetary policy transmission mechanism more effective
dc.format.extent38 p. : fórmulas, tab.
dc.language.isoen
dc.publisherBanco de España
dc.relation.ispartofDocumentos de Trabajo / Banco de España, 0828
dc.rightsReconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
dc.rightsIn Copyright - Non Commercial Use Permitted
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
dc.rights.urihttp://rightsstatements.org/vocab/InC-NC/1.0/
dc.subjectMonetary transmission
dc.subjectBanks
dc.subjectRetail rates
dc.subjectCompetition
dc.subjectPanel data
dc.titleImpact of bank competition on the interest rate pass-through in the euro area
dc.typeDocumento de trabajo
dc.identifier.bdebib000218350
dc.identifier.bdepubDTRA-200828-eng
dc.subject.bdeCréditos
dc.subject.bdeOperaciones y política bancaria
dc.subject.bdeTeoría monetaría
dc.publisher.bdeMadrid : Banco de España, 2008
dc.subject.jelD4
dc.subject.jelG21
dc.subject.jelE50
dc.subject.jelL10
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