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      <record key="001" att1="001" value="141683" att2="141683">001   141683</record>
      <field key="037" subkey="x">englisch</field>
      <field key="050" subkey="x">Forschungsbericht</field>
      <field key="076" subkey="">Ökonomie</field>
      <field key="079" subkey="y">http://www.ihs.ac.at/publications/eco/es-111.pdf</field>
      <field key="079" subkey="z">Krylova, Elizaveta, The Credit Channel of Monetary Policy (pdf)</field>
      <field key="079" subkey="y">http://ideas.repec.org/p/ihs/ihsesp/111.html</field>
      <field key="079" subkey="z">Institute for Advanced Studies. Economics Series; 111 (RePEc)</field>
      <field key="100" subkey="">Krylova, Elizaveta</field>
      <field key="103" subkey="">Department of Economics and Finance, Institute for Advanced Studies</field>
      <field key="331" subkey="">The Credit Channel of Monetary Policy</field>
      <field key="335" subkey="">Case of Austria</field>
      <field key="403" subkey="">1. Ed.</field>
      <field key="410" subkey="">Wien</field>
      <field key="412" subkey="">Institut für Höhere Studien</field>
      <field key="425" subkey="">2002, February</field>
      <field key="433" subkey="">44 pp.</field>
      <field key="451" subkey="">Institut für Höhere Studien; Reihe Ökonomie; 111</field>
      <field key="451" subkey="h">Kunst, Robert M. (Ed.) ; Fisher, Walter (Assoc. Ed.) ; Ritzberger, Klaus (Assoc. Ed.)</field>
      <field key="461" subkey="">Economics Series</field>
      <field key="517" subkey="c">from the Table of Contents: Introduction and literature overview; Discrimination between the money and the credit channel; Data</field>
      <field key="des" subkey="c">ription and preliminary testing; Results of the empirical analysis; Concluding remarks; Appendix;</field>
      <field key="542" subkey="">1605-7996</field>
      <field key="544" subkey="">IHSES 111</field>
      <field key="700" subkey="">E52</field>
      <field key="700" subkey="">C50</field>
      <field key="700" subkey="">C53</field>
      <field key="720" subkey="">Monetary transmission mechanism</field>
      <field key="720" subkey="">Credit channel</field>
      <field key="720" subkey="">Austria</field>
      <field key="750" subkey="h">References: Cecchetti S.G., 1999, Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism, National</field>
      <field key="Bur" subkey="e">au of Economic Research Working Paper: 7151 -- Engle R.F., Granger C.W.J, 1987, Co-integration and error</field>
      <field key="cor" subkey="r">ection:representation, estimation and testing, Econometrica 55, 251-276 -- Engle R.F., Yoo B.C., 1987, Forecasting and</field>
      <field key="tes" subkey="t">ing in co-integrated systems, Journal of Econometrics 35, 143-159 -- Estrella A., F.S. Mishkin, 1996, Is There a Role for</field>
      <field key="Mon" subkey="e">tary Aggregates in the Conduct of Monetary Policy?, National Bureau of Economic Research Working Paper: 5745 -- Estrella A.,</field>
      <field key="F.S" subkey=".">Mishkin, 1998, Predicting U.S. Recessions: Financial Variables as Leading Indicators, Review of Economics and Statistics;</field>
      <field key="80(" subkey="1">), February 1998, 45-61 -- Kakes J., 1998, Monetary Transmission and Bank Lending in the Netherlands, Working paper --</field>
      <field key="Kas" subkey="h">yap A.K., Stein J.C., 1997, What do a Million Banks Have to Say about the Transmission of Monetary Policy?, National Bureau</field>
      <field key="of" subkey="E">conomic Research Working Paper: 6056 -- Konishi T., Ramey V.A., Granger C.W.J, 1992, Stochastic Trends and Short-Run</field>
      <field key="Rel" subkey="a">tionships between Financial Variables and Real Activity, manuscript -- Levine R., 1998, The Legal Environment, Banks, and</field>
      <field key="Lon" subkey="g">-Run Economic Growth, Journal of Money, Credit and Banking; 30(3), Part 2 Aug. 1998, 596-613 -- McCallum B.T., 1999, Analysis</field>
      <field key="of" subkey="t">he Monetary Transmission Mechanism: Methodological Issues, National Bureau of Economic Research Working Paper: 7395 --</field>
      <field key="McC" subkey="a">llum B.T., 1999, Recent Developments in Monetary Policy Analysis: the Roles of Theory and Evidence, National Bureau of</field>
      <field key="Eco" subkey="n">omic Research Working Paper: 7088 -- Mishkin F.S., 1995, Symposium on the Monetary Transmission Mechanism, Journal of</field>
      <field key="Eco" subkey="n">omic Perspectives, 9, #4, 3-10 -- Ramey V.A., 1993, How Important is the Credit Channel in the Transmission of Monetary</field>
      <field key="Pol" subkey="i">cy, National Bureau of Economic Research Working Paper: 4285 -- Stein J.C., 1995, An Adverse Selection Model of Bank Assets</field>
      <field key="and" subkey="">Liability Management with Implication for the Transmission of Monetary Policy, National Bureau of Economic Research Working</field>
      <field key="Pap" subkey="e">r: 5217 -- Svensson L.E.O., 1999, Monetary Policy Issues for the Eurosystem, National Bureau of Economic Research Working</field>
      <field key="Pap" subkey="e">r: 7177 -- Taylor J.B., 1995, The Monetary Transmission Mechanism: An Empirical Framework, Journal of Economic Perspectives,</field>
      <field key="vol" subkey=".">9, 4, 11-26 -- Walsh C., 1998, Monetary Theory and Policy, The MIT Press.;</field>
      <field key="753" subkey="">Abstract: The legal environment, the structure of the financial system as well as the concentration of corporate ownership and</field>
      <field key="the" subkey="">development of the capital market suggest for Austria a high effectiveness of the monetary policy with a strong impactof the</field>
      <field key="len" subkey="d">ing channel. This supposition was verified combining three supplementary empirical methods: Granger causality between the</field>
      <field key="vel" subkey="o">cities of money and loans and the real output; impulse-response functions for VECs with the subsequently opened/closed</field>
      <field key="mon" subkey="e">y/credit channels; the predictive power of money and loan variables for a production forecast. Both various types of loans</field>
      <field key="and" subkey="">the total volume of credits for separate banking groups were examined. The Austrian output showed to be highly sensitive to</field>
      <field key="mon" subkey="e">tary policy innovations; both the money and the credit channel were significant. The dependence of Austrian firms on credits</field>
      <field key="rat" subkey="h">er than on other financial resources was more pronounced for credits in domestic currency, mortgage loansand municipal notes</field>
      <unknown>.;</unknown>
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