Sep 21, 2010

Articles in journals

Ferreira, C.

5

10

This paper seeks to contribute to the analysis of the financial integration, the importance of bank performance conditions and the bank lending channel transmission of monetary policy in the European Union countries since 1999. Using pooled panel OLS estimations and dynamic Arellano-Bond GMM estimations with quarterly data for 26 EU countries for the period from Q1 1999 to Q3 2006 it confirms the high degree of integration between the EU financial systems, as well as the importance of bank performance conditions to the credit-lending channel of monetary policy in the EU. Furthermore, it demonstrates not only the quite high degree of openness of the financial markets but also their indebtedness and the dependence of the EU banking institutions on the financial resources of other countries.

European integration,bank credit,monetary policy transmission,panel estimates