Household sector and monetary policy implications. Evidence from Central and Eastern European countries

摘要

Amid recent financial crisis, has increased the risks related to the sustainability of the households' banking loans. The purpose of this paper is to analyze the bi-dimensional causality relationship between household sector and monetary policy in the experience of acceding countries Bulgaria, Czech Republic, Latvia, Lithuania, Hungary, Romania between 2007M01-2012M04. Using a Vector Autoregressive Model, we analyze the impact of short term interest rate on loan to deposit ratio for households. Our empirical results suggest that the excessive built-up of financial imbalances related to the households behavior is properly taken into consideration by monetary policy only in Czech Republic, Hungary, Poland and Romania.