Download or read book Trade Credit and Monetary Policy Transmission written by Simona Mateut and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, an increasing number of papers have investigated the role of trade credit as an external source of finance when analyzing the monetary transmission mechanism. These works support the balance sheet-channel view and at the same time explain the difficulties encountered when looking for evidence in favor of the bank-lending channel. This paper presents a survey of the emerging literature on the role of trade credit in the transmission of monetary policy, trying to link it with the well-established credit-channel literature.

Download or read book Trade Credit and the Credit Channel of Monetary Policy Transmission written by Jeffrey H. Nilsen and published by . This book was released on 1993 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Trade Credit and the Transmission of Unconventional Monetary Policy written by Manuel Adelino and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Trade Credit Bank Lending and Monetary Policy Transmission written by Simona Mateut and published by . This book was released on 2002 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Monetary Policy Transmission in the Euro Area written by Ignazio Angeloni and published by Cambridge University Press. This book was released on 2003-12-04 with total page 522 pages. Available in PDF, EPUB and Kindle. Book excerpt: A systematic analysis of the impact of European Central Bank monetary policy on Eurozone national economies, first published in 2003.

Download or read book The Trade Credit Channel of Monetary Policy Transmission written by Pınar Özlü and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the trade credit channel of monetary policy transmission in Turkey by using a large data set of corporate firms, which includes detailed information on balance sheets and income statements of firms regularly reported to the Central Bank of the Republic of Turkey (CBRT) in the period of 1996-2008. It suggests that the composition of external finance differs considerably across firm types based on size and export performance under tight and loose financial conditions. For both manufacturing and non-manufacturing firms, small and medium-sized firms (SMEs) and firms with low export share are financially constrained especially in tight periods. Findings suggest that those firms, which are financially constrained, tend to substitute trade credits for bank loans in tight periods. On the other hand, the evidence for large and export-oriented firms differs significantly across manufacturing and non-manufacturing sectors such that manufacturing firms are more likely to have access to bank finance in tight periods compared to non-manufacturing firms. Large trade credits volume in firms balance sheets and its response to monetary stance imply that trade credit channel may mute the traditional credit channel of monetary transmission.

Download or read book The Trade Credit Channel of Monetary Policy Transmission written by Simona Mateut ̧ and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Trade Credit and the Effect of Macro Financial Shocks written by Mr.Yungsan Kim and published by International Monetary Fund. This book was released on 2003-06-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many studies examine why firms are financed by their suppliers, but few empirical studies look at the macroeconomic implications of such financial arrangements. Using disaggregated panel data, we examine how firms extend and use trade credit. We find that, controlling for the transactions or asset management motive, both accounts payable and receivable increase with tighter policy, implying that trade credit helps firms absorb the effect of a credit contraction. A comparison of S&P 500 firms with smaller firms, however, provides no evidence that when policy is tightened, large firms play the role of credit suppliers more actively than small firms.

Download or read book Trade Credit and the Monetary Transmission Mechanism written by Marion Kohler and published by . This book was released on 2000 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Does Trade Credit Substitute Bank Credit Evidence From Firm Level Data written by Mr.Guido De Blasio and published by International Monetary Fund. This book was released on 2003-08-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper examines micro data on Italian manufacturing firms' inventory behavior to test the Meltzer (1960) hypothesis according to which firms substitute trade credit for bank credit during periods of monetary tightening. It finds that their inventory investment is constrained by the availability of trade credit. As for the magnitude of the substitution effect, however, this study finds that it is not sizable. This is in line with the micro theories of trade credit and the evidence on actual firm practices, according to which credit terms display modest variations over time.

Download or read book Monetary Policy Transmission in Emerging Markets and Developing Economies written by Mr.Luis Brandao-Marques and published by International Monetary Fund. This book was released on 2020-02-21 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks in emerging and developing economies (EMDEs) have been modernizing their monetary policy frameworks, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary policy transmission from interest rates to inflation and output have often stalled progress. We conduct a novel empirical analysis using Jordà’s (2005) approach for 40 EMDEs to shed a light on monetary transmission in these countries. We find that interest rate hikes reduce output growth and inflation, once we explicitly account for the behavior of the exchange rate. Having a modern monetary policy framework—adopting IT and independent and transparent central banks—matters more for monetary transmission than financial development.

Download or read book The Transmission of Monetary Policy in Israel written by Fiorella De Fiore and published by International Monetary Fund. This book was released on 1998-08-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the transmission of Israeli monetary policy since 1990. Two issues are addressed: the extent to which monetary policy exerts real effects, and the relative importance of different transmission channels. The impact of monetary restraints on aggregate industrial production is found to be small, although industrial sectors open to trade appear to suffer to a larger extent than closed sectors. Three transmission channels are analyzed by comparing the empirical evidence to that predicted by theory. While the credit and exchange rate channels may be important mechanisms of transmission, the interest rate channel finds weak support in the data.

Download or read book Trade credit financial intermediary development and industry growth written by Raymond Fisman and published by World Bank Publications. This book was released on 2001 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Where do firms turn for financing in countries with poorly developed financial markets? One source is trade credit. And where formal financial intermediaries are deficient, industries that rely more on this source of financing grow faster.

Download or read book Credit Interest Rate Spreads and the Monetary Policy Transmission Mechanism written by and published by . This book was released on 1995 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Trade Credit and the Monetary Transmission Mechanism written by Marion Kohler and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates whether firms with direct access to capital markets 'help out' firms who are reliant on credit from banks by extending more trade credit when times are hard. Taking up a theme of Meltzer (1960) it asks, whether there is a 'trade credit channel' that offsets the bank credit channel more familiar to monetary economists. Using a panel of UK firms quoted on the UK stock exchange, we find that there is. This might explain why, to date, evidence on the bank credit channel has been equivocal.

Download or read book Monetary Transmission in Europe written by Jan Kakes and published by Edward Elgar Publishing. This book was released on 2000-01-01 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work focuses on different aspects of the monetary transmission process, looking at both large and small economies in the EMU. The results offer useful evaluation tools with regard to monetary policy transmission in a European perspective.

Download or read book Does Trade Credit Redistribution Thwart Monetary Policy Evidence from Italy written by Giuseppe Marotta and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Italy is an ideal candidate for testing the credit view of the transmission mechanism because of a bank-centred financial structure, a sizeable trade debt, and an economy tilted towards small firms. An empirical analysis of trade credit and debt on averaged panel data shows that small firms act as financially constrained and cycle-sensitive, whereas large ones aim at smoothing sales, adopt an integrated management of inventories and receivables and have a higher trade debt to purchases elasticity. On balance, the net trade credit channel does not, as implied by the credit view, shield small firms from a monetary squeeze.