A survey of non-financial sector balance sheets in industrialised countries: implications for the monetary policy transmission mechanism

This paper identifies the similarities and differences in the balance sheets of the household and business sectors in 14 industrialised countries with a view to identifying their implications for the transmission mechanism of monetary policy. The analysis draws on the central bank responses to a detailed questionnaire and other available information. Differences in the size and sectoral pattern of potential income and wealth effects are highlighted. The paper is part of a broader BIS cross-country study on the impact of financial structure on the transmission mechanism.

The views expressed in this publication are those of the authors and do not necessarily reflect the views of the BIS or its member central banks.