Effects of euro area monetary policy on institutional sectors: the case of Portugal

Authors

  • António Afonso ISEG – School of Economics and Management, Universidade de Lisboa; REM – Research in Economics and Mathematics, UECE. UECE – Research Unit on Complexity and Economics is supported by Fundação para a Ciência e a Tecnologia
  • Jorge Silva ISEG – School of Economics and Management, Universidade de Lisboa

DOI:

https://doi.org/10.32826/cude.v42i120.81

Keywords:

monetary policy, euro area, Portugal, non-conventional instruments, institutional sectors, financial integration

Abstract

We study the effects of the euro area monetary policy on the institutional sectors in Portugal during the period 2000:4 2015:4. Our results show that the single monetary policy affected some variables that are proxies for the funding of each institutional sector of the economy: general government, other monetary financial institutions, non-financial corporations, households and the external sector. The period of the economic and financial adjustment programme influenced all institutional sectors, and financial integration in the euro area had an effect on the funding for the economy: there was a reduction of long term public debt to GDP ratio, external funding to the Portuguese other monetary financial institutions, and new loans to households.

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Published

2019-02-12

Issue

Vol. 42 No. 120 (2019): Pages 207-284 (September - December 2019)

Section

Articles

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