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Jukka Topi

1 December 2001
WORKING PAPER SERIES - No. 100
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Abstract
We use a panel of quarterly time series observations on Finnish banks to estimate reduced form equations for the growth rate of bank loans. By allowing for individual bank specific effects in the empirical models we specifically seek evidence of a bank-lending channel for the transmission of monetary policy shocks in Finland. On the basis of our estimation results, we conclude that there is weak evidence in favour of the bank-lending channel for monetary policy shocks. Our data overlaps with the post crisis recovery of the Finnish banking sector with specific government support measures still active during the good part of the sample period. We try to capture the effects of these measures through a policy dummy variable in our empirical models. This policy dummy is highly significant, suggesting that the measures may have contributed to the growth rate of bank loans during the sample period
JEL Code
E51 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Money Supply, Credit, Money Multipliers
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
Network
Eurosystem Monetary Transmission Network