Market structure, state ownership and monetary policy transmission through bank lending channel: Evidence from Vietnamese commercial banks

IF 0.9 Q3 ECONOMICS

Economics and Business Letters Pub Date : 2021-01-01 DOI:10.17811/ebl.10.3.2021.164-177

H. Nguyen, Minh Vu Ngo, Thanh Phuc Nguyen

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引用次数: 4

Abstract

This paper examines the impact of market structure and state ownership on bank lending as a transmission channel for monetary policies. For controlling the effects of bank heterogeneities and macroeconomic factors on bank lending, dynamic models using two-step difference GMM with panel data collected from 25 Vietnamese commercial banks and the Vietnamese banking sector from 1999 to 2017 are employed. Results indicate that a higher level of concentration in the banking market and state ownership dampen the expected impacts of interbank interest rate on the loan growth in commercial banks, which decreases the effectiveness of monetary policy via the bank lending channel. These results are robust regarding the use of alternative measures of market structure and the inclusion of event time variables in the dynamic model. Based on the findings, monetary policy could be implied using the significant moderating impacts of state-ownership as well as the market structure of the Vietnamese banking sector on the relationship between bank loan supply and interbank interest rate.

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市场结构、国有制与银行贷款渠道中的货币政策传导:来自越南商业银行的证据

本文考察了市场结构和国有制对银行贷款作为货币政策传导渠道的影响。为了控制银行异质性和宏观经济因素对银行贷款的影响，采用两步差分GMM动态模型，收集了25家越南商业银行和越南银行业1999年至2017年的面板数据。结果表明，较高的银行市场集中度和国有制抑制了银行间利率对商业银行贷款增长的预期影响，从而降低了通过银行贷款渠道实施的货币政策的有效性。这些结果对于使用市场结构的替代措施和在动态模型中包含事件时间变量是稳健的。根据研究结果，货币政策可以隐含使用国家所有权的显著调节影响，以及越南银行业的市场结构对银行贷款供应和银行间利率之间的关系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economics and Business Letters ECONOMICS-

CiteScore

1.80

自引率

11.10%

发文量

期刊介绍： Economics and Business Letters is an open access journal that publishes both theoretical and empirical quality original papers in all economics and business fields. In addition, relevant discussions on current policy issues will be considered for the Policy Watch section. As general strategy of EBL, the journal will launch calls for papers for special issues on topics of interest, generally with invited guest editors. The maximum length of the letters is limited to 2,500 words.