Michail, Nek a ios; Louka, Ky iaki
A icle
The pass h ough o mone a y policy o eu o a ea bank
in e es a es
Ge man Economic Re iew (GER)
P o ided in Coope a ion wi h:
Ve ein ü Socialpoli ik / Ge man Economic Associa ion
Sugges ed Ci a ion: Michail, Nek a ios; Louka, Ky iaki (2025) : The pass h ough o mone a y policy o
eu o a ea bank in e es a es, Ge man Economic Re iew (GER), ISSN 1468-0475, De G uy e , Be lin,
Vol. 26, Iss. 2, pp. 131-192,
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ge 2025; 26(2): 131–192
Nek a ios Michail* and Ky iaki Louka
The Pass Th ough o Mone a y Policy o
Eu o A ea Bank In e es Ra es
h ps://doi.o g/10.1515/ge -2023-0084
Recei ed Augus 18, 2023; accep ed Feb ua y 3, 2025; published online Ma ch 3, 2025
Abs ac :We examine he ansmission o mone a y policy o bank in e es a es in
he eu o a ea, using a olling es ima ion. The esul s, using a ious fixa ions o he
Eu ibo a e and di e en ma u i ies o bond yields, sugges ha he pass h ough
o policy a es o bank in e es a es was ela i ely s able p io o he use o uncon-
en ional mone a y policy measu es. A e he use o uncon en ional policies, he
pass- h ough mul iplie om he Eu ibo a e and he sho - e m bonds inc eased,
while he pass- h ough om longe - e m bonds ma kedly dec eased. I appea s ha
uncon en ional mone a y policy ope a ions allow o bank lending a es o u he
decline, which could lead o highe lending, wi h po en ial financial s abili y issues
a ising. In addi ion o he excess liquidi y c ea ed by asse pu chases, ac o s such
as c edi isk and house p ice g ow h also appea o impac he pass h ough.
Keywo ds: pass h ough; deposi be a; Eu o a ea; asse pu chases; mone a y policy;
bank in e es a es
1 In oduc ion
The bank in e es a e pass- h ough p ocess is p obably he mos impo an link
in he p ocess o mone a y policy ansmission. Decisions made by banks abou
he yields ecei ed and paid on hei asse s (loans) and liabili ies (deposi s) ha e
an e ec on he spending and in es ing habi s o deposi o s and bo owe s, which
in u n has an impac on eal economic ac i i y. As such, s onge mone a y pol-
icy ansmission esul s om a quicke and mo e comple e pass- h ough o o icial
and ma ke in e es a es o e ail bank in e es a es, wi h a highe impac on he
*Co esponding au ho : Nek a ios Michail, Cen al Bank o Cyp us, Nicosia, Cyp us,
E-mail: [email p o ec ed].h ps://o cid.o g/0000-0001-9003-3225
Ky iaki Louka, Cen al Bank o Cyp us, Nicosia, Cyp us
Open Access. ©2025 he au ho (s), published by De G uy e . This wo k is licensed unde he C ea i e
Commons A ibu ion 4.0 In e na ional License.
132 —N. Michail and K. Louka
o e all economy, a oiding any wel a e cos s (Kobayashi 2008) and financial s abili y
issues (Kwapil and Scha le 2010).
The pape aims o examine he deg ee and he speed o equilib ium adjus men
o he bank in e es a es, ollowing a change o he ma ke /policy a e. In pa icu-
la , by using da a o he 19 eu o a ea coun ies, o bo h deposi (households and
non-financial co po a ions) and lending a es ( o house pu chase, consump ion,
sho - and long- e m NFCs) we examine how he pass h ough changes o e ime.
To do so, we employ an e o -co ec ion model, in which he long- e m coe icien
(be a) de e mines he pass h ough (mul iplie ), while he he a e m signifies he
equilib ium adjus men e m.
Ou esul s sugges ha while he he a does change o e ime, he changes
a e usually no ha la ge. The ansmission o mone a y policy o bank in e es
a es (be a coe icien ) was ela i ely cons an p io o he use o uncon en ional
mone a y policy measu es (which a ied in iming and scope be ween coun ies,
highligh ing impo an he e ogenei y issues). Wi h he in oduc ion o asse pu -
chase p og ammes, he pass h ough began o ise, e en hough i ook a ound h ee
yea s o ha e an economically meaning ul e ec on he mul iplie . A he same ime,
gi en ha he e ec s om asse pu chases a e no he same o all coun ies, he e o-
genei y also inc eased. Following he addi ional inc ease in asse pu chases du ing
he pandemic, he pass- h ough became e en s onge , and mo e so o loans com-
pa ed o deposi s, wi h he deposi s o loans mul iplie a io being less han ze o
since 2018. These esul s hold o bo h NFCs and housing loans, and o a lesse ex en
o consump ion loans.
As such, i appea s ha Quan i a i e Easing (QE) ope a ions, which lowe bond
yields and hus ease financing condi ions, allow o bank in e es a es o u he
decline han would ha e been he case i only he policy a e was aken in o con-
side a ion. This is e iden in he 2018–2020 pe iod, when bank a es changed while
he policy a e emained s able. Howe e , since he inc ease in he pass h ough is
ela ed only o specific ca ego ies, such as house pu chases and sho - e m NFCs
loans, his sugges s ha banks a e likely o ha e inc eased lending in hose ca e-
go ies ha hey saw as he sa es (Michail 2023). While is meaning ul om a c edi
isk pe spec i e, i appea s o ha e also had an impac on he o e all economy, ia
he no able inc ease in house p ices o e he pe iod, o an ex en whe e policymak-
e s conside ed i a bubble (Di Casola e al. 2022).
We also p o ide a quan i a i e confi ma ion o he abo e conclusions, using a
panel eg ession in which he mul iplie (be a) alues ac as he dependen a i-
able. The esul s confi m he abo e, as excess liquidi y (defined as he a io o o al
deposi s o e o al loans) appea s o ha e a s ong impac on he pass- h ough
le els. In pa icula , excess liquidi y has a posi i e sign o bo h lending (house pu -
chase and sho - e m NFCs loans) and deposi a e mul iplie s, sugges ing ha he
In e es Ra e Be as in he Eu o A ea —133
highe he liquidi y, he highe he pass- h ough. Gi en ha excess liquidi y can be
c ea ed ia asse pu chase p og ammes, and ha excess liquidi y emains in he
sys em o a while, i appea s ha asse pu chase p og ammes can ha e a longe -
las ing impac on he pass- h ough. Fu he o excess liquidi y, c edi isk appea s
o ha e he expec ed posi i e impac on he pass- h ough o lending a es, while
highe house p ice g ow h lowe s bank deposi in e es a es.
Finally, i appea s ha uncon en ional mone a y policy also had he e ec o
dec easing he sensi i i y o bank lending a es o longe - e m bonds. While he
pass- h ough o changes in he 2-yea bond yield o bank lending a es has ollowed
he bank-based in e es a e pa h, i.e. inc easing du ing he uncon en ional mon-
e a y policy pe iod, he pass- h ough om 5-yea bonds declined, e en pa ially
e e sed since he beginning o he a e hike cycle in 2022. The s onges e ec has
been obse ed in he pass- h ough om 10-yea bonds, whe e he pass- h ough
appea s o ha e emained ma kedly lowe han he one p io o he uncon en ional
policy implemen a ion.
The emainde o he pape is as ollows: he nex sec ion o e s a e iew o
he li e a u e on he opic, while Sec ion 3 o e s he da a and model employed.
Sec ion 4 shows he esul s om he es ima ion ac oss all lending deposi in e -
es a es, wi h Sec ion 5 es ing o he de e minan s o he be a and las sec ion
p o iding a summa y and conclusions.
2 Li e a u e Re iew
Qui e a ew s udies ha e been ca ied ou h oughou he yea s in an e o o
be e unde s and he in e es a e pass- h ough in he eu o a ea. Emphasis is usu-
ally placed on h ee p ima y issues: he comple eness (o lack he eo ) o long- un
pass- h ough; he sho - un speed o equilib ium adjus men ; and he deg ee o
he e ogenei y in he pass- h ough ac oss coun ies and in e es a e ca ego ies.
Fo example, De Bond (2002,2005), using a coin eg a ion-based model o
he in e es a e pass- h ough p ocess finds ha he eu o adop ion has sped up
he pass- h ough p ocess as well as imp o ed he speed o loan a e adjus men ,
some hing ha is likely a esul o inc eased compe i ion, a esul confi med by
De Bond , Mojon, and Valla (2005). Addi ionally, i appea s ha sho - e m e ail
bank in e es a es a e s icky; as a esul , he pass- h ough o ma ke in e es a es o
hese a es appea s o be a i s peak a ound 50 %. Long- e m pass- h ough, howe e ,
is highe and nea ly 100 %.
Using a simila coin eg a ion se up, Sande and Kleimeie (2002) iden i y he
ac o s ha a ec he speed o ansmission. These include he lack o compe i-
ion be ween banks (a heme also suppo ed by he esul s Le oy and Luco e 2015),
134 —N. Michail and K. Louka
in o ma ion asymme ies, “menu cos s”, and he implici in e es a e insu ance
p o ided by banks, mo i a ed by main aining long- e m ela ionships. As a esul ,
he au ho s confi m ha he speed o equilibi um adjus men di e s ac oss coun-
ies, while he na u e o he adjus men p ocess i sel is also qui e he e ogeneous. A
simila conclusion was also eached by an Leu ens eijn e al. (2013), who sugges
ha s onge compe i ion inc eases he pass- h ough o ma ke a es o bank a es.
In he same manne as he p e ious s udies, Kok and We ne (2006) in es i-
ga e how di e en bank in e es a es a e a ec ed by ma ke in e es a es. The
au ho s show ha he e ogenei y is p esen in he es ima es, and he ac ha he
long- un mul iplie s and speed o equilib ium adjus men coe icien s a y ac oss
coun ies may indica e some deg ee o agmen a ion and lack o in eg a ion in he
eu o a ea’s e ail banking indus y.
The in e es a e pass- h ough p ocess is also examined by Be nho e and
Van T eeck (2013) using a combina ion o single coun y and panel coin eg a ion
echniques. The au ho s find e idence o subs an ial he e ogenei y in he sho -
un pass- h ough and, using sub-sample analysis, hey conclude ha he deg ee o
he e ogenei y and he o e all e iciency o he in e es a e pass- h ough ha e no
imp o ed in he second hal o he pe iod since he ounding o he Eu opean Mon-
e a y Union. K ylo a e al. (2014), also epo esul s in a ou o he he e ogenei y
conclusions, in a DSGE model ha also con ols o he iskiness o bo owe s.
Taking in o accoun he impac o he Global Financial C isis (GFC), some mo e
ecen s udies ha e empi ically in es iga ed how lending a es in majo ad anced
economies espond o mone a y policy a es. Fo example, Illes and Lomba di (2013)
find ha he pass- h ough o mone a y policy has no wo ked as well as i did p io
o he GFC and ha bo owe s ha e only pa ially benefi ed om low policy a es,
pa icula ly in pe iphe al coun ies in he eu o a ea. Fu he mo e, Ho a h (2018)
epo s ha he GFC had inc eased he he e ogenei y o he esul s, while simi-
la esul s, highligh ing he nega i e impac o he GFC on he pass- h ough, we e
eached by Gambaco a, Illes, and Lomba di (2015),wi hIlles, Lomba di, and Mizen
(2019) sugges ing ha highe bank unding cos s a e one o he main easons behind
his. Hol on and d’Ac i (2018) suppo he iew ha eliance on cen al bank und-
ing played a ole in agmen ing he pass h ough o mone a y policy, wi h bank
ma ke powe also playing a ole in he de e mina ion o he pass h ough.
To coun e he decline in he pass- h ough, cen al banks in oduced uncon-
en ional mone a y policy measu es, which boos ed he pass- h ough o lending
a es, as mo e ecen s udies ha e shown. Fo example, Von Bo s el, Eickmeie , and
K ippne (2016) no e ha uncon en ional measu es helped dec ease lending a es,
mainly due o la ge shocks a he han p opaga ion. Ho a h, Ko lebo a, and Si a-
no a (2018) also suppo his conclusion, sugges ing ha asse pu chases (balance
shee policies) helped boos he pass- h ough, wi h Blo and Labondance (2022)
In e es Ra e Be as in he Eu o A ea —135
sugges ing ha liquidi y p o isions and co e ed bond pu chase p og ammes influ-
enced bank in e es a es beyond he usual policy a e pass h ough.
To sum up he li e a u e, G ego , Melecký, and Melecký (2021), p o ide a me a-
analysis o he esul s and find sys ema ically lowe es ima ed pass- h ough coe -
ficien s in s udies ha ocus on he pass- h ough o consume lending a es and
a es on long- e m loans. Impo an ly, he in e es a e pass- h ough is significan ly
influenced by he coun y’s mac o-financial en i onmen , while he global finan-
cial c isis appea s o ha e weakened he pass- h ough ac oss he boa d (see also
And ies and Billon (2016) o an ea lie o e iew o he li e a u e). A he same
ime, uncon en ional mone a y policy measu es appea o ha e helped boos he
pass- h ough.
Despi e he findings o he li e a u e, he e is s ill sca ce e idence conce ning
he pass- h ough du ing uncon en ional mone a y policy pe iods. A he same ime,
esea che s should aim o obse e whe he he end o he asse pu chase pe iod
in he eu o a ea, obse ed in 2022, had a meaning ul impac on he pass- h ough.
Fu he mo e, i would be use ul o examine whe he he ac o s ha a ec ed he
pass h ough o e he p e ious pe iods a e s ill alid. To do so, he nex sec ion
p esen s he empi ical me hodology used.
3 Da a and Me hodology
The bank and ma ke in e es a e da a used in his s udy we e collec ed om Eu o-
pean Cen al Bank’s S a is ical Wa ehouse (ECB SDW) om he pe iod 2003M01-
2023M04. Due o da a a ailabili y issues, he sample is di e en o some coun ies.
In pa icula , o he majo i y o eu o a ea coun ies included (Aus ia, Finland,
F ance, Ge many, G eece, I eland, I aly, Luxembu g, Ne he lands, Po ugal, Spain)
he sample anges om 2003M01–2023M04, while o Es onia, La ia, Li huania,
Slo akia and Slo enia he sample anges om 2005M05–2023M04. Finally, o Bel-
gium, Cyp us and Mal a, he a ailable sample is 2008M01-2023M04. Fo he ma ke
in e es a e, we ha e selec ed he Eu ibo 3-mon h a e, while o he bank a es,
we ha e included ou lending a es and ou deposi a es. The inclusion o di e -
en bank in e es a e ca ego ies allows us o examine he deg ee o he e ogenei y
among he di e en p oduc s as well as he di e ence be ween lending and deposi
a es. Fo obus ness pu poses and we ha e also included he 1-mon h, 6-mon h,
and 1-yea a es. Robus ness esul s a e discussed in Sec ion 4.2.
Mo e specifically, we include he lending a e o house pu chases by house-
holds, as well as he lending a e o consump ion loans (which includes consume -
ocused loans, such as pe sonal loans, au omobile loans, and c edi ca d deb ).
Rega ding non-financial co po a ions (NFCs), we ollow Kok and We ne (2006) and
136 —N. Michail and K. Louka
use he sho - and long- e m lending a es, whe e he o me is based on loans
g an ed o non-financial co po a ions wi h in e es a e fixa ion up o one yea and
he la e wi h an in e es a e fixa ion o o e one yea . A he same ime, o exam-
ine he pass- h ough o deposi a es, we include bo h he o e nigh deposi a es
and he ones wi h ma u i y up o one yea , o bo h households and NFCs. All da a
we e ob ained om he ECB SDW, wi h he sample size as specified abo e. Fu he -
mo e, in ou analysis, we use new loan con ac s, gi en ha e ms may di e o
ou s anding con ac s, some hing which could bias he esul s.
The econome ic me hodology employed ollows he exis ing li e a u e on he
opic (in e alia Kok and We ne 2006;Be nho e and Van T eeck 2013), by speci-
ying an e o co ec ion specifica ion, as pe Engle and G ange (1987), such ha :
ΔBRi, =𝛾i+𝜃i(BRi, −1−ci−𝛽iMRi, −1)+𝜑i,0ΔMRi, +ui, (1)
whe e i=1,...,19 is he index o each coun y and =1,...,N is he index o each
ime pe iod.1In his se up, changes in bank in e es a es (ΔBRi, ) a e explained by
he long- e m mul iplie (𝛽i), which defines he speed o he ansmission o policy
a e changes o bank a es. In a pe ec ly unc ioning ma ke , and in he absence
o any dis u bances (i.e. in equilib ium condi ions, see Hend y and Juselius 2000;
2001), he alue o he long- un mul iplie would be e y close o one. Any emain-
ing adjus men s owa ds he long- un equilib ium be ween bank a es and ma ke
a es, a e hen measu ed by he speed o equilib ium adjus men coe icien , 𝜃i,as
well as by changes o cu en ma ke a e.2
As pe he li e a u e, long- un mul iplie s end o di e be ween coun ies, and
hencei issensible oes ima eequa ion (1) a he coun y le el ins ead o pooling
he coun ies wi h espec o his pa ame e . Fu he mo e, gi en ha he pass-
h ough o ma ke a es o bank a es may a y o e ime, gi en he specifici ies
o he economy a each poin in ime, we employ 10-yea (120-obse a ion) in e -
als and es ima e a olling eg ession o examine whe he he ela ionship is ime
a ying.3In e e y case, he end da e o he olling sample is used. The ollowing
sec ion p esen s he esul s om he es ima ions.
1While no p esen ed he e o he sake o b e i y, all coun y se ies a e in eg a ed o o de 1. Uni
oo es s a e a ailable upon eques .
2In his se up, he a e age speed o adjus men o a change in he ma ke in e es a e is (1−𝜑)∕𝜃,
whe e 1 sugges s ha he pass- h ough will be comple e, a equilib ium. Na u ally, he empi ical
esul s con adic his.
3In obus ness checks, di e en 15-yea and 8-yea in e als we e employed, wi h he esul s
p o iding simila conclusions. The es ima es a e a ailable upon eques .
In e es Ra e Be as in he Eu o A ea —137
4 Empi ical Es ima es
4.1 The Pass-Th ough Mul iplie
Figu es 1–8p o ide he findings o he long- un pass h ough o each o he
loan and deposi a es specified abo e. The solid line o e s he coe icien es ima e
while he do ed lines deno e he 95 % confidence in e al. We no e again ha a
long- un mul iplie o one deno es a pe ec (one- o-one) pass- h ough o ma ke
in e es a es o bank in e es a es, a mul iplie wi h a alue o mo e han one
sugges s a so o o e -shoo ing, and one wi h a alue o less han one sugges s a
limi ed pass- h ough. Na u ally, alues ha di e meaning ully om one imply ha
Figu e 1: Pass h ough o house pu chase lending a es. No es: The igu es show he ma ke a e
(Eu ibo 3-mon h) pass- h ough o bank a es, o he espec i e ca ego y, as speci ied in he i le.
10-Yea olling samples a e used in he es ima ion, wi h he solid line e lec ing he mul iplie (be a
es ima e) in he sample ending a ha da e, and he do ed lines e lec ing he 95 % con idence
in e al.
138 —N. Michail and K. Louka
Figu e 2: Pass h ough o consump ion lending a es. No es: The igu es show he ma ke a e
(Eu ibo 3-mon h) pass- h ough o bank a es, o he espec i e ca ego y, as speci ied in he i le.
10-Yea olling samples a e used in he es ima ion, wi h he solid line e lec ing he mul iplie (be a
es ima e) in he sample ending a ha da e, and he do ed lines e lec ing he 95 % con idence
in e al.
he pass h ough o policy is a ec ed by o he economic ac o s, such as uncon en-
ional policy measu es, banking dis ess, o e en high isk and lack o abundance
o liquidi y in he economy.
Figu e 1 shows he pass h ough o he house pu chase lending a e in each
eu o a ea coun y. In e es ingly, all coun ies s a wi h a pass- h ough coe icien
below uni y, s anding a app oxima ely 0.5, which hen inc eases o e ime. The
peak o he pass- h ough a e is, usually, o e one, and always obse ed du ing
he pe iod whe e uncon en ional mone a y policy was imposed. Excep ions o
his include Es onia and Luxembou g whe e he coe icien s a e dec easing while
I eland’s and Li huania’s a e app oaching ze o. O e all, in he samples ha end
p io o 2020, coun ies do no p esen a comple e pass- h ough o ma ke in e es
a e o bank in e es a e, i.e. he pass- h ough es ima es a e lowe han one.
In e es Ra e Be as in he Eu o A ea —145
he pu chases eased condi ions he mos (e.g. Cyp us, I aly, G eece) he mul iplie
alue appea s o ha e peaked a a highe le el.
Simila conclusions a e eached o NFCs deposi a es, howe e , wi h a sligh
dec ease in he pass h ough obse ed o mos coun ies p io o he onse o he
pandemic. In gene al, he analysis shows ha he long un pass h ough is mo e
comple e o deposi a es wi h ma u i y up o one yea .
An impo an dis inc ion he e ela es o he ela i e change o deposi and lend-
ing a e mul iplie s. I he o me is highe , hen i means ha unding is sca ce ,
banks a e ac i ely looking o mo e and hence ha e a benefi o aise deposi a es
by mo e han lending a es. On he o he hand, i he lending a e mul iplie is
highe , i sugges s ha banks en e a p ofi -making mode, whe e hey seek o ben-
efi om in e es a e changes, which also implies ha p esence o ample liquidi y
condi ions in ha poin in ime. In he es ima es, i appea s ha he pass h ough o
lending a es is highe han he pass h ough o deposi a es, especially o house-
holds, wi h his being mo e e iden a e 2018 (Figu e 9 – big 4 coun ies), a heme
in line he ample liquidi y condi ions in he economy due o he asse pu chase
p og ammes. As expec ed, he di e ence in he lending/deposi pass h ough has
dec eased wi h he end o he uncon en ional mone a y policy measu es and he
a e hikes ha ollowed, in he 2022–2023 pe iod.
To compa e he sub-sample, ime- a ying, es ima es o a na u al benchma k,
we also p esen ull sample es ima es in Tables 1–3. The use o ull sample
Figu e 9: Deposi s o loans be a a io. No es: The igu es show he deposi s o loans (excess liquidi y)
a ios ac oss he Big-4 coun ies.
146 —N. Michail and K. Louka
Table 1: Full sample es ima es – households, house pu chase loans.
Aus ia Belgium Cyp us Es onia Finland F ance Ge many G eece I eland I aly La ia Li huania Luxembou g Mal a Ne he lands Po ugal Slo akia Slo enia Spain
Eu ibo m .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗
(.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.)
Cons an .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗
(.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.)
Obs
Adj R-squa ed . . . . . . . . . . . . . . . . . . .
In e es Ra e Be as in he Eu o A ea —147
Table 2: Full sample es ima es – NFCs, sho - e m.
Aus ia Belgium Cyp us Es onia Finland F ance Ge many G eece I eland I aly La ia Li huania Luxembou g Mal a Ne he lands Po ugal Slo akia Slo enia Spain
Eu ibo m .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗
(.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.)
Cons an .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗
(.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.)
Obs
Adj R-squa ed . . . . . . . . . . . . . . . . . . .
148 —N. Michail and K. Louka
Table 3: Full sample es ima es – NFCs, long- e m.
Aus ia Belgium Cyp us Es onia Finland F ance Ge many G eece I eland I aly La ia Li huania Luxembou g Mal a Ne he lands Po ugal Slo akia Slo enia Spain
Eu ibo m .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗
(.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.)
Cons an .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗ .∗∗
(.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.)
Obs
Adj R-squa ed . . . . . . . . . . . . . . . . . . .
In e es Ra e Be as in he Eu o A ea —149
es ima es allows us o examine whe he he ime- a ying samples p o ide mean-
ing ul conclusions as ega ds changes in he pass- h ough o lending a es o e
ime. As an examina ion o he ables sugges s, in mos cases, he ime- a ying
es ima es do appea o fluc ua e significan ly compa ed o he ull sample ones,
especially a e he in oduc ion o uncon en ional mone a y policy, hus p o iding
mo e suppo o he use o ailing samples.
In addi ion o he a iance ha is ela ed o he ime- a ying sample speci-
fici ies, we also examine o he he e ogenei y o he es ima es, in addi ion o he
quali a i e e alua ion o i s exis ence in he p e ious pa ag aphs o his sec ion. In
pa icula , we p oceed o cap u e i mo e o mally ia he use o he s anda d de i-
a ion o he mul iplie s. This simple me ic allows us o obse e how a away om
he a e age coun ies ha e mo ed o e ime. Figu e 10 o e s he s anda d de ia ion
o he es ima es, o e hei common samples. As expec ed, he e ogenei y inc eased
significan ly o e he asse pu chase pe iod, wi h he exclusion o he lending a e
o consump ion loans. Simila o he beha iou o he mul iplie s, he e ogenei y
dec eased when asse pu chases ended a e mid-2022.
4.2 The Speed o Equilib ium Adjus men
To p o ide a mo e comple e pic u e o he pass- h ough, we also p esen he speed
o adjus men coe icien s o all coun ies and pe iods. I should be emembe ed
he e ha he speed o adjus men is immedia e and e y as i he sho - un
pass h ough is no s a is ically di e en om he long- un pass h ough, i espec-
i e o he es ima ed e o -co ec ion coe icien . As such, we need o compa e
be ween he alues o he ull sample es ima es and he olling sample es ima es
and iden i y he cases whe e his holds, no ably du ing he uncon en ional mone-
a y policy pe iod.
Figu es 11–18 p esen he ele an coe icien alues, which, as expec ed, dis-
play significan he e ogenei y. In Figu e 10 (lending a e o house pu chase), he
majo i y o coun ies ha e an adjus men speed ha anges om −0.1 o −0.3,
which means ha a disequilib ium be ween house lending a es and ma ke a es
o 100 basis poin s induces a 10–30 basis poin adjus men owa ds he equilib-
ium in he nex pe iod. Lowe adjus men a es o a ound 2–5 basis poin s a e
obse ed in qui e a ew coun ies (e.g. Belgium, Cyp us, G eece, Li huania, I aly,
Po ugal, and he Ne he lands). Wi h ega ds o consume lending a es (Figu e 11),
he coe icien s a e usually la ge , sugges ing ha de ia ions om he equilib ium
akes place mo e o en he e, some hing ha is in line wi h he mul iplie alues
obse ed in he p e ious analysis. In ei he case, he e appea s o be no impac
om uncon en ional mone a y policy.
150 —N. Michail and K. Louka
Figu e 10: S anda d de ia ion o he mul iplie s. No es: The igu es show he s anda d de ia ion o
he mul iplie s, a he agg ega e le el, as pe he p e ious es ima ion.
Mo ing on o he NFCs lending a es in Figu e 13, he coe icien s end o fluc-
ua e be ween −0.1 and −0.4. The e is significan he e ogenei y ac oss coun ies,
wi h some (Aus ia, La ia, Li huania, G eece, I aly, Po ugal, Slo enia, and Spain)
exhibi ing a downwa ds end while in coun ies such as Belgium, Ge many, Lux-
embou g, he Ne he lands, and Slo akia, an upwa ds end can be seen, especially
a e 2018. Simila ends a e also p esen in he case o long- un NFC lending a e
(Figu e 14), e en hough in his case he adjus men coe icien s appea o be mo e
s able o he majo i y o he coun ies.7
Figu es 15 and 16 p esen he speed o adjus men o o e nigh deposi a es
o households and en e p ises o he 19 eu o a ea coun ies. The majo i y o hem
7As in p e ious men ions, Mal a is missing om Table A12 due o da a a ailabili y issues.
In e es Ra e Be as in he Eu o A ea —151
Figu e 11: Speed o equilib ium adjus men o house pu chase lending a e. No es: The igu es show
he ma ke a e (Eu ibo 3-mon h) pass- h ough o bank a es, o he espec i e ca ego y, as speci ied
in he i le. 10-Yea olling samples a e used in he es ima ion, wi h he solid line e lec ing he speed
o equilib ium adjus men ( he a) in he sample ending a ha da e, and he do ed lines e lec ing he
95 % con idence in e al.
ollow a simila pa h in bo h figu es, wi h he coe icien s mo ing be ween −0.1 and
−0.3. Na u ally, he e a e some ou lie s (e.g. Slo akia) whe e he coe icien implies
ha he e is ull adjus men a e one pe iod in he coun y.
On he o he hand, in Figu e 17, he speed o equilib ium adjus men o deposi
a es wi h ma u i y up o one yea o households ends o be ela i ely la ge han
o o e nigh a es. Wi h he excep ion o G eece, Es onia, Luxembou g, and Mal a
he speed o equilib ium adjus men appea s o mo e be ween 0.1 and 0.4, wi h he
end ei he on a downwa d pa h o ela i ely s able o e ime. Figu e 18 (NFCs)
shows simila pa hs wi h mos o he coun ies exhibi ing a nega i e end. In gen-
e al, he e does no seem like he e is a big di e ence be ween he wo deposi a e
ca ego ies.
O e all, as expec ed, he speed o equilib ium adjus men changes ma kedly
om he pe iod o he sample when uncon en ional mone a y policy was
152 —N. Michail and K. Louka
Figu e 12: Speed o equilib ium adjus men o consump ion lending a e. No es: The igu es show
he ma ke a e (Eu ibo 3-mon h) pass- h ough o bank a es, o he espec i e ca ego y, as speci ied
in he i le. 10-Yea olling samples a e used in he es ima ion, wi h he solid line e lec ing he speed
o equilib ium adjus men ( he a) in he sample ending a ha da e, and he do ed lines e lec ing he
95 % con idence in e al.
implemen ed onwa ds. In some cases, he speed inc eases and in some i dec eases,
condi ional on he change o he mul iplie . Ye , in mos cases, he speed o adjus -
men fluc ua es om −0.1 o −0.3 sugges ing ha he o e eac ion o he mul iplie
du ing he pe iod (i.e. he ac ha i s alue is g ea e han uni y), would ake a ew
mon hs. Selec ing a coun y a andom, o example, Belgium, i would ake a ound
5 mon hs o he mul iplie alue o 1.5 in he sample ending in 2020m9, o e u n o
one, gi en a speed o adjus men o −0.1. Na u ally, he alues di e ac oss samples
and coun ies.
4.3 Robus ness
To add ess he a ious da a- and fixa ion- ela ed conside a ions his sec ion p o-
ides an o e iew o he di e en se ies employed in Appendices A1 o A6.
In e es Ra e Be as in he Eu o A ea —153
Figu e 13: Speed o equilib ium adjus men o sho - un NFC lending a e. No es: The igu es show
he ma ke a e (Eu ibo 3-mon h) pass- h ough o bank a es, o he espec i e ca ego y, as speci ied
in he i le. 10-Yea olling samples a e used in he es ima ion, wi h he solid line e lec ing he speed
o equilib ium adjus men ( he a) in he sample ending a ha da e, and he do ed lines e lec ing he
95 % con idence in e al.
Appendix A1 shows he es ima es om he 1-mon h, 6-mon h, and 12-mon h Eu i-
bo a es, o he NFCs and Households ca ego ies. On he o he hand, Appendix A2
o e s he es ima es using he 6-mon h Eu ibo o e an 8-yea and a 15-yea win-
dow. The esul s a e qui e simila when using di e en in e es a e fixa ions and
es ima ion windows, sugges ing ha he di e ences a e only quan i a i e and no
quali a i e.
Appendix A3 uses he 2-yea bond yield as a p oxy o he pass- h ough ins u-
men , agains he use o he Eu ibo a e, while Appendices A4 and A5 employ he
5-yea and 10-yea bond yields espec i ely. The use o bond yields is in line wi h
De Bond (2005) and De Bond , Mojon, and Valla (2005), who also use ma ke -based
154 —N. Michail and K. Louka
Figu e 14: Speed o equilib ium adjus men o long- un NFC lending a e. No es: The igu es show
he ma ke a e (Eu ibo 3-mon h) pass- h ough o bank a es, o he espec i e ca ego y, as speci ied
in he i le. 10-Yea olling samples a e used in he es ima ion, wi h he solid line e lec ing he speed
o equilib ium adjus men ( he a) in he sample ending a ha da e, and he do ed lines e lec ing he
95 % con idence in e al.
in e es a e da a o he de e mina ion o he pass- h ough.8As he da a sugges ,
he pass- h ough om he 2-yea bond yield appea s o ollow he same pa h as o
he Eu ibo a e, i.e. i inc eases a e he s a o he uncon en ional policy pe iod,
while some declines ha e been obse ed a e he s a o he a e hike cycle in 2022.
On he o he hand, he esul s o he 5-yea bond yield (Appendix A4) appea
o show a di e en ou come: he pass- h ough om such bonds appea s o ha e
dec eased o e ime, likely because longe -da ed bonds we e mo e a ge ed by
uncon en ional mone a y policy ac ions (some hing ha is especially e iden in
coun ies such as Aus ia, Ge many, and he Ne he lands). As uncon en ional
mone a y policy ended, hei sensi i i y o bank a es o changes in bond yields
8We no e ha , due o compu a ional issues, he da es e e o he s a o he sample pe iod and
no he end as in he p e ious es ima ions.
In e es Ra e Be as in he Eu o A ea —161
Table 4: Panel eg ession es ima es.
Lending o
house
pu chase
Lending o
consump ion
Lending NFCs
(up o 1 yea )
Lending o NFCs
(o e 5 yea s)
Deposi
a e up o
1 yea o NFCs
Deposi
a e up o
1 yea (HHs)
O e nigh
deposi s
(NFCs)
O e nigh
deposi s
(Households)
Eu ibo 0.849∗∗ (0.098) 0.716∗∗ (0.353) 0.662∗∗ (0.105) 0.961∗∗ (0.124) 0.716∗∗ (0.056) 0.799∗∗ (0.111) 0.265∗∗ (0.042) 0.248∗∗ (0.041)
ΔHouse p ices −0.014 (0.008) 0.007 (0.032) −0.026 (0.014) −0.014 (0.012) −0.018∗∗ (0.009) −0.035∗∗ (0.011) −0.0001 (0.0018) −0.0057∗∗ (0.0022)
GDP g ow h −0.011∗∗ (0.005) −0.020 (0.012) −0.015 (0.008) −0.028∗∗ (0.010) −0.004 (0.003) −0.005 (0.004) −0.003 (0.0017) −0.0008 (0.0011)
C edi isk −0.291 (0.564) 3.122 (3.089) −0.414 (1.080) 0.701 (1.652) −0.466 (0.451) −0.715 (0.610) 0.006 (0.153) −0.300 (0.231)
Hen indahl index −2.001 (1.888) −10.221 (5.788) 0.181 (3.308) −2.055 (3.192) −4.595 (2.741) −4.634 (3.573) 0.196 (0.401) −0.754 (0.944)
CRS 0.006 (0.007) 0.009 (0.044) −0.012 (0.019) 0.018 (0.023) 0.011 (0.010) 0.017 (0.012) −0.0017 (0.0025) 0.0008 (0.0029)
Excess liquidi y −0.419 (0.517) −1.491 (1.453) 0.696 (0.744) 0.287 (0.884) 0.520 (0.402) 0.594 (0.382) −0.021 (0.0921) −0.043 (0.0846)
Balance shee (new) −0.012∗∗ (0.003) −0.012 (0.009) −0.008 (0.004) −0.014∗∗ (0.004) 0.002 (0.002) 0.001 (0.003) −0.0013∗∗ (0.0006) −0.0007 (0.0007)
Cons an 3.352∗∗ (0.695) 6.919∗∗ (2.670) 3.973∗∗ (1.356) 2.498 (1.398) 0.098 (0.500) 0.262 (0.467) 0.303∗∗ (0.1291) 0.427∗∗ (0.0907)
Numbe o obs
Numbe o g oups
Wald chi2 . . . . . . . .
(P ob >chi2) (.) (.) (.) (.) (.) (.) (.) (.)
Table 4 shows he esul s om a panel eg ession model. Fo each speci ica ion (1) o (8), a di e en dependen a iable is used. ∗∗∗,∗∗,∗deno e signi icance a
1%,5%,and10%le el espec i ely.
162 —N. Michail and K. Louka
a es o NFCs and housing loans, as well as o he ele an deposi a es. In he
case o deposi a es, i is by a he mos p ominen ac o , sugges ing ha , as banks
ha e highe liquidi y, he pass h ough o policy a es o bank in e es a es is likely
o inc ease, as he p e ious sec ion sugges ed. Gi en he la ge amoun s o excess
liquidi y obse ed since 2016, wi h he onse o he asse pu chase p og ammes, i
is hus clea why he pass h ough o deposi a es appea s o be low in he eu o
a ea.
6 Conclusions
The ansmission o mone a y policy o bank in e es a es has been ela i ely con-
s an h oughou ime p io o he use o uncon en ional policy measu es. Wi h
he in oduc ion o asse pu chase p og ammes and hei subsequen boos ing du -
ing he pandemic, he pass- h ough inc eased, and mo e so o loans compa ed o
deposi s. Fu he mo e, gi en ha he e ec s we e no equally dis ibu ed ac oss
coun ies, he e ogenei y inc eased. These esul s hold o bo h NFCs and housing
loans, and o a lesse ex en o consump ion loans.
As such, is appea s ha Quan i a i e Easing (QE) ope a ions, which lowe bond
yields and hus ease financing condi ions allow o bank lending a es o u he
decline. This also sugges s ha banks a e highly likely o ha e passed mone a y
policy changes in he loan ca ego ies ha hey saw as he sa es (e.g. house pu -
chase) in an e o o boos lending (see Michail 2023). This could po en ially ha e
had ce ain epe cussions o he economy, including he inc ease in house p ices
o e he pe iod (Di Casola e al. 2022)
C edi isk and excess liquidi y appea o ha e played a majo ole in de e min-
ing he bank a es pass- h ough. Bo h a iables appea o ha e a posi i e impac
on he pass- h ough o lending a es, whe eas excess liquidi y also has a posi i e
e ec on he deposi a e pass- h ough. As such, asse pu chase p og ammes a e
likely o ha e a longe -las ing impac on he pass- h ough, gi en ha highe excess
liquidi y would a ec he policy mul iplie o e a longe pe iod and p e en i om
e u ning o i s “no mal” alue.
As a conclusion, i appea s ha he pass- h ough o policy o bank a es changes
d ama ically when uncon en ional policy measu es a e in oduced, wi h hei
e ec s being longe las ing, especially when aking excess liquidi y c ea ed in o con-
side a ion. Na u ally, u he esea ch is equi ed o imp o e ou unde s anding o
he in e es a e pass- h ough in he eu o a ea, using bank le el da a, while he iden-
ifica ion o po en ial explana o y elemen s o he obse ed he e ogenei y would
also be beneficial.
In e es Ra e Be as in he Eu o A ea —163
Acknowledgmen s: We would like o hank Cha a Ch is ofi o he echnical sup-
po and he Cen al Bank o Cyp us Resea ch G oup o hei commen s and sug-
ges ion on ea lie d a s o his pape .
Resea ch e hics: No applicable.
In o med consen : No applicable.
Au ho con ibu ions: The au ho s ha e accep ed esponsibili y o he en i e con-
en o his manusc ip and app o ed i s submission.
Con lic o in e es : The au ho s s a e no conflic o in e es .
Resea ch unding: None decla ed.
Da a a ailabili y: No applicable.
Appendix A1
Table A1: Pass h ough o house pu chase lending a es (1mon h).
Aus ia Belgium Cyp us Es onia
Finland F ance Ge many G eece
ainauh iL ai aL yla I dnale I
lagu oP sdnal eh eN a laM g uobme
x
uL
n
i
apS
a
i
ne
o
l
S a
i
k
a
olS
0
0.5
1
1.5
2
2.5
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.2
0.4
0.6
0.8
1
1.2
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.2
0.4
0.6
0.8
1
1.2
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-0.2
-0.1
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
3
3.5
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
-0.4
-0.2
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.5
1
1.5
2
2.5
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
3
3.5
4
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.5
1
1.5
2
2.5
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.5
1
1.5
2
2.5
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
164 —N. Michail and K. Louka
Table A2: Pass h ough o sho - un NFC lending a es (1mon h).
Aus ia Belgium Cyp us Es onia
Finland F ance Ge many G eece
ainauh
iL ai aL yla I dnale I
lagu oP sdnal eh eN a laM g uobmexuL
niapS aine o
l
S ai
k
a olS
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
1
2
3
4
5
6
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
-1
-0.5
0
0.5
1
1.5
2
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-0.5
0
0.5
1
1.5
2
2.5
3
3.5
4
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-0.4
-0.2
0
0.2
0.4
0.6
0.8
1
1.2
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-0.5
0
0.5
1
1.5
2
2.5
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
1
2
3
4
5
6
7
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
1
2
3
4
5
6
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
1
2
3
4
5
6
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
In e es Ra e Be as in he Eu o A ea —165
Table A3: Pass h ough o long- un NFC lending a es (1mon h).
Aus ia Belgium Cyp us Es onia
Finland F ance Ge many G eece
ai
n
au
h
iL a
i
aL yl
a
I
dna
l
e I
lagu oP sdnal eh eN a laM
g uobme
x
uL
niapS aine olS aika olS
0
0.5
1
1.5
2
2.5
3
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
3
3.5
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
1
2
3
4
5
6
7
8
9
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.5
1
1.5
2
2.5
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
3
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-2
-1.5
-1
-0.5
0
0.5
1
1.5
2
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-0.5
0
0.5
1
1.5
2
2.5
3
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
1
2
3
4
5
6
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-4
-3
-2
-1
0
1
2
3
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
-0.5
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
-0.6
-0.4
-0.2
0
0.2
0.4
0.6
0.8
1
1.2
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-300
-200
-100
0
100
200
300
400
2018m11
2019m2
2019m5
2019m8
2019m11
2020m2
2020m5
2020m8
2020m11
2021m2
2021m5
2021m8
2021m11
2022m2
2022m5
2022m8
2022m11
2023m2
0
0.5
1
1.5
2
2.5
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-1
0
1
2
3
4
5
6
7
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-0.5
0
0.5
1
1.5
2
2.5
3
3.5
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
166 —N. Michail and K. Louka
Table A4: Pass h ough o house pu chase lending a es (6mon h).
Aus ia Belgium Cyp us Es onia
Finland F ance Ge many G eece
ainauh iLai aLyla Idnale I
lagu oPsdnal eh eNa
l
a
Mg
uobme
x
uL
niapSaine
o
l
Sa
i
ka olS
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.5
1
1.5
2
2.5
3
3.5
4
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.2
0.4
0.6
0.8
1
1.2
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-0.2
-0.1
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
3
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
-0.2
0
0.2
0.4
0.6
0.8
1
1.2
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-0.2
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
3
3.5
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
3
3.5
4
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
In e es Ra e Be as in he Eu o A ea —167
Table A5: Pass h ough o sho - un NFC lending a es (6mon h).
Aus ia Belgium Cyp us Es onia
Finland F ance Ge many G eece
ai
nau
h
iLai
a
L
yla Idnal
e
I
lagu oPsdnal eh
e
N
a
l
a
M
g uobm
ex
u
L
niap
S
ain
e
olS
a
i
k
a
olS
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
-0.6
-0.4
-0.2
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.2
0.4
0.6
0.8
1
1.2
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
3
3.5
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-0.4
-0.2
0
0.2
0.4
0.6
0.8
1
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
3
3.5
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-0.5
0
0.5
1
1.5
2
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
1
2
3
4
5
6
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
168 —N. Michail and K. Louka
Table A6: Pass h ough o long- un NFC lending a es (6mon h).
Aus ia Belgium Cyp us Es onia
Finland F ance Ge many G eece
a
i
nauh
i
L
a
i
aLyl
a
I
dn
a
le I
lagu oPsdnal eh
e
N
a
l
a
M
g uobm
ex
uL
nia
pS
ai
ne
olS
a
i
k
a
olS
0
0.5
1
1.5
2
2.5
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
1
2
3
4
5
6
7
8
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-2
-1.5
-1
-0.5
0
0.5
1
1.5
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-0.5
0
0.5
1
1.5
2
2.5
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-3.5
-3
-2.5
-2
-1.5
-1
-0.5
0
0.5
1
1.5
2
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
-0.5
0
0.5
1
1.5
2
2.5
3
3.5
4
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
-0.6
-0.4
-0.2
0
0.2
0.4
0.6
0.8
1
1.2
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-40
-30
-20
-10
0
10
20
30
40
50
2018m11
2019m2
2019m5
2019m8
2019m11
2020m2
2020m5
2020m8
2020m11
2021m2
2021m5
2021m8
2021m11
2022m2
2022m5
2022m8
2022m11
2023m2
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-1
0
1
2
3
4
5
6
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-0.5
0
0.5
1
1.5
2
2.5
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.5
1
1.5
2
2.5
3
3.5
4
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.5
1
1.5
2
2.5
3
3.5
4
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
In e es Ra e Be as in he Eu o A ea —169
Table A7: Pass h ough o house pu chase lending a es (12mon h).
Aus ia Belgium Cyp us Es onia
Finland F ance Ge many G eece
ainauh iLai aLyla Idnale I
lagu
o
Ps
dn
al eh eN
a
laMg
uo
b
m
ex
u
L
niapSaine olSai
k
a olS
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.5
1
1.5
2
2.5
3
3.5
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-0.2
-0.1
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.2
0.4
0.6
0.8
1
1.2
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
-0.2
0
0.2
0.4
0.6
0.8
1
1.2
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-0. 2
0
0.2
0.4
0.6
0.8
1
1.2
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
3
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
3
3.5
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
170 —N. Michail and K. Louka
Table A8: Pass h ough o sho - un NFC lending a es (12mon h).
Aus ia Belgium Cyp us Es onia
Finland F ance Ge many G eece
a
i
nauh iL
a
i
aLyl
a
I
dnale I
lagu oPsdnal eh
e
N
a
l
a
M
g uobm
ex
u
L
niapSaine olSaika olS
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.5
1
1.5
2
2.5
3
3.5
4
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
-0. 4
-0. 2
0
0.2
0.4
0.6
0.8
1
1.2
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.2
0.4
0.6
0.8
1
1.2
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
3
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-0. 4
-0. 2
0
0.2
0.4
0.6
0.8
1
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
3
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.2
0.4
0.6
0.8
1
1.2
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
-0. 4
-0. 2
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.2
0.4
0.6
0.8
1
1.2
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.5
1
1.5
2
2.5
3
3.5
4
2015m4
2015m9
2016m2
2016m7
2016m12
2017m5
2017m10
2018m3
2018m8
2019m1
2019m6
2019m11
2020m4
2020m9
2021m2
2021m7
2021m12
2022m5
2022m10
2023m3
0
0.5
1
1.5
2
2.5
3
3.5
4
2012m12
2013m6
2013m12
2014m6
2014m12
2015m6
2015m12
2016m6
2016m12
2017m6
2017m12
2018m6
2018m12
2019m6
2019m12
2020m6
2020m12
2021m6
2021m12
2022m6
2022m12
In e es Ra e Be as in he Eu o A ea —177
Table A15: Pass h ough o long- un NFC lending a es (Eu ibo 6-mon h, 15-
yea window).
aino sEsu pyCmuigleBai suA
ecee Gynam
eGecna Fdna
lniF
a
inauh iLai aLyla
I
dnale I
l
ag
u
oPsdnal eh eNa
l
aM
g
uobmexu
L
ni
a
pSain
e
olSai
k
a
olS
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0.68
0.7
0.72
0.74
0.76
0.78
0.8
0.82
0.84
0.86
0.88
0.9
2022m12
2023m1
2023m2
2023m3
2023m4
0
0.5
1
1.5
2
2.5
2022m12
2023m1
2023m2
2023m3
2023m4
0.7
0.72
0.74
0.76
0.78
0.8
0.82
0.84
0.86
0.88
2020m4
2020m6
2020m8
2020m10
2020m12
2021m2
2021m4
2021m6
2021m8
2021m10
2021m12
2022m2
2022m4
2022m6
2022m8
2022m10
2022m12
2023m2
2023m4
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
-0.8
-0.6
-0.4
-0.2
0
0.2
0.4
0.6
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.05
0.1
0.15
0.2
0.25
0.3
0.35
0.4
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
-0.2
-0.1
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
2020m4
2020m6
2020m8
2020m10
2020m12
2021m2
2021m4
2021m6
2021m8
2021m10
2021m12
2022m2
2022m4
2022m6
2022m8
2022m10
2022m12
2023m2
2023m4
0
0.2
0.4
0.6
0.8
1
1.2
2020m4
2020m6
2020m8
2020m10
2020m12
2021m2
2021m4
2021m6
2021m8
2021m10
2021m12
2022m2
2022m4
2022m6
2022m8
2022m10
2022m12
2023m2
2023m4
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
2022m12
2023m1
2023m2
2023m3
2023m4
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
2020m4
2020m6
2020m8
2020m10
2020m12
2021m2
2021m4
2021m6
2021m8
2021m10
2021m12
2022m2
2022m4
2022m6
2022m8
2022m10
2022m12
2023m2
2023m4
0
0.2
0.4
0.6
0.8
1
1.2
2020m4
2020m6
2020m8
2020m10
2020m12
2021m2
2021m4
2021m6
2021m8
2021m10
2021m12
2022m2
2022m4
2022m6
2022m8
2022m10
2022m12
2023m2
2023m4
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
2017m12
2018m3
2018m6
2018m9
2018m12
2019m3
2019m6
2019m9
2019m12
2020m3
2020m6
2020m9
2020m12
2021m3
2021m6
2021m9
2021m12
2022m3
2022m6
2022m9
2022m12
2023m3
178 —N. Michail and K. Louka
Appendix A3
Figu e 1: Households – house pu chase.
Figu e 2: NFCs – sho e m.
In e es Ra e Be as in he Eu o A ea —179
Figu e 3: NFCs – long e m.
Appendix A4
Figu e 1: Households – house pu chase.
180 —N. Michail and K. Louka
Figu e 2: NFCs – sho e m.
Figu e 3: NFCs – long e m.
In e es Ra e Be as in he Eu o A ea —181
Appendix A5
Figu e 1: Households – house pu chase.
Figu e 2: NFCs – sho e m.
182 —N. Michail and K. Louka
Figu e 3: NFCs – long e m.
Appendix A6
Figu e 1: Households, house pu chase (10-yea bond).
In e es Ra e Be as in he Eu o A ea —183
Figu e 2: Households, house pu chase (Eu ibo 3 m).
Figu e 3: Households, NFCs sho - e m (10-yea bond).
184 —N. Michail and K. Louka
Figu e 4: Households, NFCs sho - e m (Eu ibo 3m).
Figu e 5: Households, NFCs long- e m (10-yea bond).
In e es Ra e Be as in he Eu o A ea —185
Figu e 6: Households, NFCs long- e m (Eu ibo 3m).
186 —N. Michail and K. Louka
Appendix A7
Table A16: Panel eg ession es ima es (wi h CISS).
(1) (2) (3) (4) (5) (6)
Lending o
house pu chase
Lending o
consump ion
Lending o NFCs
(up o 1 yea )
Lending o
NFCs (o e 5 yea s)
Deposi a e up
o 1 yea o NFCs
Deposi a e up
o 1 yea o HHs
Eu ibo 0.248 (0.241) −1.995 (1.483) 0.250 (0.226) 3.009 (2.240) −0.240 (0.280) 0.335 (0.235)
ΔHouse p ices 0.004 (0.003) −0.006 (0.021) −0.003 (0.004) 0.013∗∗ (0.006) −0.009∗∗∗ (0.002) −0.008∗∗∗ (0.003)
GDP g ow h −0.006∗∗ (0.003) 0.051 (0.043) −0.004 (0.004) −0.026 (0.019) 0.002 (0.002) 0.001 (0.003)
C edi isk 1.186∗∗ (0.584) 5.238 (3.575) 1.381∗∗ (0.659) −5.464 (6.476) 0.952 (0.618) 1.299 (0.952)
He indahl index 0.332 (1.248) 9.408 (8.926) 1.493 (1.795) −15.593 (16.949) 1.874 (1.530) 1.411 (2.111)
CR5 0.001 (0.006) −0.056 (0.052) −0.001 (0.009) 0.086 (0.086) −0.003 (0.007) 0.001 (0.010)
Excess liquidi y 0.471∗∗ (0.244) 1.158 (0.758) 1.179∗∗∗ (0.419) 0.185 (1.025) 0.857∗∗ (0.350) 1.107∗∗ (0.437)
CISS −0.406 (0.475) 1.375 (2.422) −0.757∗(0.441) −0.409 (0.909) −0.516 (0.243) −0.803∗∗∗ (0.298)
Cons an −0.284 (0.435) −1.407 (1.855) −1.013∗(0.596) −0.030 (1.443) −0.590 (0.663) −1.223∗(0.727)
Numbe o obs
Numbe o g oups
Log likelihood . . . . . .
Table A17 shows he esul s om a panel eg ession model. Fo each speci ica ion (1) o (6), a di e en dependen a iable is used. ∗∗∗,∗∗,∗deno e signi icance
a 1 %, 5 %, and 10 % le el espec i ely.
