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Banking integration and monetary policy fragmentation in the eurozone

机译：欧元区的银行一体化和货币政策分散

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摘要

Among the most notable results of the process of European economic consolidation, banking integration came to a stall with the beginning of the financial crisis in 2008. Since then European banks started cutting their international assets, reducing their exposure to European and international markets. This paper explores the link between the retrenchment in European financial markets and euro area fragmentation in the interest rate channel. The empirical analysis establishes two important results; first, financial integration measured via banks' cross-country liabilities, is a significant (negative) determinant of fragmentation in the interest rate channel across euro area members; second, banks' balance sheets differences matter in explaining cross-country financial fragmentation, as higher dispersion in banks' equity ratios and liquidity are associated with higher wedges in interest rates passthrough.
机译：在欧洲经济整合过程中最显着的结果之一是，随着2008年金融危机的开始，银行业整合陷入了停顿。此后，欧洲银行开始削减其国际资产，从而减少了在欧洲和国际市场的敞口。本文探讨了欧洲金融市场的紧缩与利率渠道中欧元区分裂之间的联系。实证分析建立了两个重要的结果：首先，通过银行的跨国负债衡量的金融一体化是决定欧元区成员国利率渠道分散的重要（负）决定因素；其次，银行资产负债表的差异在解释跨国金融分化时很重要，因为银行股权比率和流动性的较高分散与利率传递的楔入有关。

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