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.