The ERM turbulence of 1992 brought to light the relevance of financial structure for the speed and intensity of the transmission of changes in interest rates to the rest of the economy. Against this backdrop, this volume seeks to cast light on the relationship between financial structure and the transmission mechanism of monetary policy. It documents cross-country differences in financial structure, it identifies differences in national transmission mechanisms and it seeks to link the two. The volume, originally released in paper format, is now being made available in electronic format.
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.