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 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 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 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 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 Bank Credit written by Inessa Love and published by World Bank Publications. This book was released on 2005 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The authors study the effect of financial crises on trade credit in a sample of 890 firms in six emerging economies. They find that although provision of trade credit increases right after the crisis, it consequently collapses in the following months and years. The authors observe that firms with weaker financial position (for example, high pre-crisis level of short-term debt and low cash stocks and cash flows) are more likely to reduce trade credit provided to their customers. This suggests that the decline in aggregate credit provision is driven by the reduction in the supply of trade credit, which follows the bank credit crunch. The results are consistent with the "redistribution view" of trade credit provision, in which bank credit is redistributed by way of trade credit by the firms with stronger financial position to the firms with weaker financial stand "--World Bank web site.
Download or read book Negative Monetary Policy Rates and Portfolio Rebalancing Evidence from Credit Register Data written by Margherita Bottero and published by International Monetary Fund. This book was released on 2019-02-28 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study negative interest rate policy (NIRP) exploiting ECB's NIRP introduction and administrative data from Italy, severely hit by the Eurozone crisis. NIRP has expansionary effects on credit supply-- -and hence the real economy---through a portfolio rebalancing channel. NIRP affects banks with higher ex-ante net short-term interbank positions or, more broadly, more liquid balance-sheets, not with higher retail deposits. NIRP-affected banks rebalance their portfolios from liquid assets to credit—especially to riskier and smaller firms—and cut loan rates, inducing sizable real effects. By shifting the entire yield curve downwards, NIRP differs from rate cuts just above the ZLB.
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 Two Essays on Trade Credit written by Terence Mallon Kennedy and published by . This book was released on 2005 with total page 214 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 2000 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
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 Unconventional Central Bank Measures for Emerging Economies written by Mr.Etienne B. Yehoue and published by International Monetary Fund. This book was released on 2009-10-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unconventional central bank measures are playing a key policy role for many advanced economies in the 2007-09 global crisis. Are they playing a similar role for emerging economies? Emerging economies have widely used unconventional foreign exchange and domestic short-term liquidity easing measures. Their use of credit easing and quantitative easing measures has been much more limited. Thus, unconventional measures are much less important for emerging economies compared to advanced economies in achieving broader macroeconomic objectives. The difference can be attributed to the relatively limited financial stress in emerging economies, their external vulnerabilities and their limited scope for quasifiscal activities.
Download or read book Trade Credit and Monetary Policy in the UK written by Nick Wilson and published by . This book was released on 2008 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The credit channel of monetary transmission suggests that monetary tightening results in a contraction of the supply of credit to firms who borrow via financial intermediaries. However, according to Meltzer (1960), the existence of an inter-firm credit flow appears to favour those firms most affected by credit rationing. This study re-analyzes Meltzer's hypothesis using UK data. The results of the analysis shows that indeed there is an increase in trade credit flows in period of rising interest rates, but the magnitude is not very significant overall. Firms of different financial status, however, behave differently. The novel finding is that small firms extend trade credit more aggressively than medium and large firms. This behaviour occurs even in those firms in financial distress. Interestingly, this behaviour may be one of the reasons that cause small firms that cannot receive trade credit from their suppliers in period of monetary contraction, to go bankrupt.
Download or read book International Financial Markets written by Peter E. Koveos and published by Cognella Academic Publishing. This book was released on 2020-08-14 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Stressing the interrelatedness and complexity of the global economy, International Financial Markets: An Overview helps students understand the international financial environment and its various implications. Over the course of seven chapters, students become familiar with foundational concepts in international finance. The first chapter introduces the foreign exchange market and describes its structure, conduct, and performance. In the second chapter, students examine major derivative products and markets. Chapter Three explains the interrelationships among the different markets, covering topics including market efficiency, purchasing-power parity, forward-rate expectations, and more. Chapter Four discusses the international monetary system, while Chapter Five expands on the topic by presenting variables that influence exchange rates. Dedicated chapters examine exchange rate forecasting, exchange risk and exposure, and international bond and equity markets. The second edition features significant updates and new material in every chapter to align with current events, trends, and research in the field. Rooted in a strong belief that all business students need to understand international finance, International Financial Markets can be used in courses in finance, accounting, and economics.
Download or read book Financial Crisis US Unconventional Monetary Policy and International Spillovers written by Qianying Chen and published by International Monetary Fund. This book was released on 2015-04-29 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the impact of the US quantitative easing (QE) on both the emerging and advanced economies, estimating a global vector error-correction model (GVECM) and conducting counterfactual analyses. We focus on the effects of reductions in the US term and corporate spreads. First, US QE measures reducing the US corporate spread appear to be more important than lowering the US term spread. Second, US QE measures might have prevented episodes of prolonged recession and deflation in the advanced economies. Third, the estimated effects on the emerging economies have been diverse but often larger than those recorded in the US and other advanced economies. The heterogeneous effects from US QE measures indicate unevenly distributed benefits and costs.
