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I know that "however" can be used to contrast a sentence against the preceding sentence. Is the use of "however" in the following sentences correct?
The [name of channel] channel is found to be the most important for [name of some financial market] However, the overall effect of the [name of some channel] channel appears to be minor for [name of some other financial market]
In other words: is "the most important" really a contrast to "appears to be minor"?
First off, starting a sentence with the adverb "however" is grammatical; you have used it to say something that is surprising or different from or contrasts with your previous statement, Second, the use of the preposition "for" before "markets" doesn't sound appropriate. You are referring to the noun "effect" that takes the preposition "on". So you say:
"However, the overall effect of the portfolio balance channel appears to be minor on the markets for government bonds......" . You can also say "on the markets of government bonds", but the former is more common.
Starting a sentence with "However," is often used to avoid breaking another rule that you should not start a sentence with "But,". Where possible you should re-write the second sentence. In this particular example it might be better to use;
The effect of the portfolio balance channel appears to be minor for markets with government bonds in the periphery of the Eurozone.
or even;
This effect appears to be minor for markets with government bonds in the periphery of the Eurozone.
The use of "However, " in the original quote is acceptable. You will often see this form of use to make it easier to understand the contrast between the sentences. In general though a re-write of the second sentence is better.
