Financial markets and interest rates

The Bank of Greece publishes on a monthly basis data on the gross issues of debt securities and quoted shares in the Greek capital market, because such issues are closely linked to the development of monetary and credit aggregates.

The issuance of debt securities by a corporation is a substitute for bank loans and will thus have a direct impact on the amount of loans extended by banks. Moreover, if the public has the option to place its savings in securities this will have an impact on the ability of banks to attract funds. In general, the precise means by which economic agents choose to cover their financing needs (i.e. whether directly through the market or indirectly through the banking system) will influence the transmission mechanism of monetary policy. Interest rates play a key role in this mechanism and the Bank of Greece publishes detailed monthly data on the development of bank deposit and loan rates, as well as yields on Greek government securities.

In addition to the Bank of Greece, data sources for the above are the Ministry of Finance (General Accounting Office) and the Athens Exchange

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