Manuela Gallo

The influence of EURIBOR on bank lending rates during the period 2003-2010 for the Euro Area

  • Abstract

Informations and abstract

Keywords: E43; G21; Interest rate pass-through, interbank interest rate, loans interest rate, euro area.

The present work aims to test the hypothesis that there is, at least in the short term, a rigidity of bank interest rates to changes in EURIBOR. The examination, conducted with particular reference to the period of recession, shows responsiveness of interest rates almost always less than one unit, and the trend agrees with the sign of the EURIBOR, which results in a contrast to the effectiveness of the maneuvers monetary policy, the viscosity is greater at lower rates than the growth phase and is increasing with the lengthening of loan maturities, the sensitivity is greater in the non-financial corporate sector compared to households.

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