期刊名称：Asian Journal of Business and Management Sciences
电子版ISSN：2047-2528
出版年度：2013
卷号：2
期号：08
页码：08-15
出版社：Society for Business Research Promotion
摘要：This paper addresses the relevance of the bank lending channel in the transmission of monetary policy in the CEMAC area. Testing for the existence of a bank lending channel usually raises an identification problem which renders the test less efficient. Therefore, in this paper, we employ a structural vector error correction model (SVECM) which enables us to disentangle the loan demand and supply effects of monetary policy moves. Using aggregate data of the CEMAC area, we find evidence that is consistent with a bank lending channel, although the very low credit ratio in the region. The magnitude of the effect is rather high and might be explained by banks characteristics in the region. Therefore, we argue that the central bank in the CEMAC zone should take advantage of this situation in order to implement relevant policies according to the situation of the business cycle. Also, commercial banks’ role could be strengthened if actions are taken in order to reduce their excess reserve holdings at the central bank, for those excess reserve holdings are thought to hamper monetary policy actions in the area. Full Text
