The Bank Lending Channel in the CEMAC Zone: DE
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Beschreibung
This paper examines the existence of a bank lending channel in the monetary policy transmission mechanism in the CEMAC zone, based on banking data from the BEAC and COBAC. Using a dynamic panel GMM approach, the paper highlights four findings: First, confirmation of the existence of a bank lending channel in the CEMAC zone. Second, the central bank’s monetary policy decisions have a greater impact on banks with predominantly foreign capital than on those with predominantly domestic capital. Third, small and medium-sized banks, whether foreign or domestic, are more responsive to changes in the central bank’s policy rate. Finally, liquidity is a factor that can render monetary policy decisions ineffective in influencing the behavior of commercial banks in the CEMAC zone.
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