Abstract:

The monetary transfer mechanism, which tries to explain the effects of changes in the monetary policy of central banks on real economic variables, tries to explain the process of changes in monetary policy decisions of the monetary authority affecting inflation and the overall balance sheet. This study aims to emphasize the importance of the credit channel involved in the monetary policy transfer mechanism over the real economy. The study mainly uses a qualitative approach based on the comparative analysis of the perspective of the international credit channel, the methodological aspects and the results of the studies in literature. The main findings obtained from the study of literature are the following: the impact of monetary policy decisions on the real economy is important even in economic and financial crisis conditions, and the international credit view is strongly supported by many research. Studies on the basis of the U.S. show that the international credit channel operates more effectively than the European countries.