ECB refinancing rate influence on bank crediting and economic growth in Eurozone
Abstract
In the article the dependence of credit rates in Eurozone against ECB refinancing rate is analyzed, the factors that influence on ЕСВ policy effectiveness are revealed and the monetary policy role as a component part of state economic policy is determined.
References
1. Assessing the retail bank interest rate pass-through in the euro area at times of financial fragmentation // ECB Monthly Bulletin, 2013, August. URL: https: // www.ecb.europa.eu/pub/pdf/other/art1_mb201308en_ pp75-91en.pdf (дата обращения: 07.06.2015).
2. Cost-of-borrowing indicators // European Central Bank - Statistical Data Warehouse. URL: http: //sdw.ecb.europa.eu/ browseTable.do?BS_C0UNT_SECT0R=&REF_AREA=308&no de = 9613587 & DATAS ET = 1 &DATAS ET = 2 & S ERIE S_ KEY=124.MIR.M.U2.B.A2C.AM.R.A.225 0.EUR.N&SERIES_ KEY=124.MIR.M.U2.B.A2I.AM.R.A.2240.EUR.N (дата обращения: 07.06.2015).
3. Cost of borrowing indicators: methodological note // European Central Bank, 2013. URL: https: // www.ecb.europa.eu/stats/pdf/MIR-Costofborrowingindicators-methodologicalnote.pdf?8728f9 0f2d44cb441a687bfb1b29a0eb (дата обращения: 07.06.2015).
4. Euro area 1999 - 2014 // European Central Bank. URL: https: // www.ecb.europa.eu/euro/intro/html/map.en.html (дата обращения: 07.06.2015).
5. European Union // European Central Bank. URL: https: // www.ecb.europa.eu/ecb/history/ec/html/index.en.html (дата обращения: 07.06.2015).
6. Gross domestic product at market prices - Euro area 19 (fixed composition) - Chain linked volume (rebased), Growth rate, over 1 year, Calendar and seasonally adjusted data // European Central Bank - Statistical Data Warehouse. URL: http: // sdw.ecb.europa.eu/browseTable.do?node=9484571&REF_ AREA=1526&FREQ=Q&SERIES_KEY = 320.MNA.Q.Y. I8.W2.S1. S1.B.B1GQ._Z._Z._Z.EUR.LR.GY&DATASET=1&periodSortOrder = ASC (дата обращения: 10.05.2015).
7. Gross domestic product based on purchasing-power-parity (PPP) valuation of country GDP // World Economic Outlook Database, October 2014. URL: http: // www.imf.org/external/pubs/ft/weo/2014/02/weodata/ index.aspx (дата обращения: 10.05.2015).
8. HICP (2005 = 100) - annual data (average index and rate of change) (prc_hicp_aind) // Eurostat. URL: http: // ec.europa.eu/eurostat/data/ database (дата обращения: 10.05.2015).
9. Key ECB interest rates // European Central Bank. URL: http: // www.ecb.europa.eu/stats/monetary/rates/html/index.en.html (дата обращения: 07.06.2015).
10. Long-term interest rate statistics for EU Member States // European Central Bank. URL: https: // wwwecb.europa.eu/stats/money/long/ html/index.en.html (дата обращения: 07.06.2015).
11. MFI interest rate statistics: general description // European Central Bank. URL: https: // www.ecb.europa.eu/stats/pdf/mir_general_description. pdf?4794d85067cba0b301eaf195884813d5 (дата обращения: 07.06.2015).
12. MFI Interest Rate Statistics, Households and non-profit institutions serving households, Business volume // European Central Bank - Statistical Data Warehouse. URL: http: // sdw.ecb.europa.eu/ browseTable.do?BS_C0UNT_SECT0R=2250&DATASET = 0& REF_AREA = 308&node = 9484373&MAT URITY_N0T_IRAIE=A&SERIES_KEY=124.MIRM.U2BA2BABA2250.EU R.N&SERIES_KEY=124.MIR.M.U2.B.A2C.A.B.A. 2250.EUR.N&SERIES_KEY=124.MIR.M.U2.B.A2D.A.B.A. 2250.EUR.N (дата обращения: 10.05.2015).
13. Monetary financial institutions // European Central Bank. URL: https: / / www.ecb.europa.eu/stats/money/mfi/general/html/index.en.html (дата обращения: 07.06.2015).
14. Output gap (Percent of potential GDP) for Euro area // World Economic Outlook Database, October 2014. URL: http: //www.imf.org/external/pubs/ ft/weo/2014/02/weodata/weorept.aspx?sy=2005&ey=2019 &scsm=1&ssd=1&sort=country&ds= %2C&br=1&c=163&s=NGAP_ NPGDP&grp=1&a=1&pr1.x=24&pr1.y=8 (дата обращения: 13.06.2015).
15. Protocol (No 4) on the Statute of the European System of Central Banks and of the European Central Bank // Official Journal of the European Union, 2012, C 326/230. URL: http: // www.ecb.europa.eu/ecb/legal/ pdf/c_32620121026en_protocol_4.pdf (дата обращения: 07.06.2015).
16. What Is the Output Gap? // IMF. URL: http: // www.imf.org/external/ pubs/ft/fandd/2013/09/basics.htm (дата обращения: 07.06.2015).
Review
For citations:
Skuratova A.V. ECB refinancing rate influence on bank crediting and economic growth in Eurozone. Entrepreneur’s Guide. 2015;(27):352-363. (In Russ.)
Views:
329
Email this article 