Credit Rationing and Monetary Transmission: Evidence for Portugal

ISEG Economics Department Working Paper No. 7/98

22 Pages Posted: 17 Sep 2002

See all articles by António Afonso

António Afonso

University of Lisbon - ISEG (School of Economics and Management); UECE (Research Unit on Complexity and Economics); ISEG Lisbon School of Economics and Management,Universidade de Lisboa; REM - Research in Economics and Mathematics

Miguel St. Aubyn

Technical University of Lisbon - ISEG (School of Economics and Management); UECE (Research Unit on Complexity and Economics)

Multiple version iconThere are 2 versions of this paper

Date Written: 1998

Abstract

The hypothetical existence of rationing in the credit market is of paramount importance to understand the transmission mechanism of monetary policy. Two indirect empirical tests of credit rationing are presented and discussed using Portuguese data.

The first test is a stickiness test to the response of loan rates to changes in money market conditions. For the second test a VAR is estimated in order to analyse the implied causality relations.

Keywords: credit rationing, credit market, banking, causality tests, Portugal

JEL Classification: E44

Suggested Citation

Afonso, António and St. Aubyn, Miguel, Credit Rationing and Monetary Transmission: Evidence for Portugal (1998). ISEG Economics Department Working Paper No. 7/98, Available at SSRN: https://ssrn.com/abstract=317484 or http://dx.doi.org/10.2139/ssrn.317484

António Afonso (Contact Author)

University of Lisbon - ISEG (School of Economics and Management) ( email )

R. Miguel Lupi, 20
Lisbon, 1248-078
Portugal
+351 21 392 5985 (Phone)
+351 21 396 6407 (Fax)

HOME PAGE: http://www.iseg.ulisboa.pt/aquila/homepage/aafonso/research

UECE (Research Unit on Complexity and Economics)

Rua Miguel Lupi 20
Lisbon, 1249-078
Portugal
+351-213 925 912 (Phone)
+351-213 971 196 (Fax)

HOME PAGE: http://uece.rc.iseg.ulisboa.pt/

ISEG Lisbon School of Economics and Management,Universidade de Lisboa ( email )

Rua do Quelhas 6
LISBOA, 1200-781
Portugal

REM - Research in Economics and Mathematics ( email )

ISEG, Universidade de Lisboa
Rua Miguel Lupi, 20
Lisboa, 1249-078
Portugal

HOME PAGE: http://rem.rc.iseg.ulisboa.pt/

Miguel St. Aubyn

Technical University of Lisbon - ISEG (School of Economics and Management) ( email )

Rua do Quelhas, 6
1200-071 Lisboa
Portugal
+351 21 392 5987 (Phone)

HOME PAGE: http://www.iseg.utl.pt/~mstaubyn

UECE (Research Unit on Complexity and Economics)

ISEG/UTL, Rua Miguel Lupi 20
1249-078 Lisboa
Portugal
+351-213 925 912 (Phone)
+351-213 971 196 (Fax)

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
315
Abstract Views
3,168
rank
112,071
PlumX Metrics