Política monetaria y competencia bancaria
- Raymond Bara, José Luis
- Carbó Valverde, Santiago
- Pujolar Morales, David
- López del Paso, Rafael
ISSN: 0210-9107
Year of publication: 2002
Issue: 94
Pages: 91-103
Type: Article
More publications in: Papeles de economía española
Abstract
In this article we analyze the monetary policy transmission through the credit channel for the Spanish case during the period 1992-2001. We use a partial adjustment mode to estimate different statistical measures to quantify, how quickly the changes in official interest rate are transmitted to bank loan rates. The results quantify the average value of this lag around 1.82 period. Among the factors that allow to explain this temporary lag, we emphasize the level of competition of the bank markets.