Does the development of non-cash payments affect monetary policy transmission?
- Carbó Valverde, Santiago
- López del Paso, Rafael
ISSN: 1988-8767
Año de publicación: 2005
Número: 200
Tipo: Documento de Trabajo
Otras publicaciones en: Notas técnicas: [continuación de Documentos de Trabajo FUNCAS]
Resumen
The different degree of development of retail payment systems generates significant differences in the structure and operations of the financial system. These differences affect the degree of efficiency of the mechanisms of monetary policy transmission, including the bank-lending channel. Taking the case of Spain for 1992-2000, we show that banks appear to have taken advantage of the non-cash instruments to increase deposits and, therefore, to adjust their loan supply in the face of monetary policy tightening (76 words).