Trade Credit and the Transmission of Unconventional Monetary Policy
Author : Manuel Adelino
Publisher :
Page : pages
File Size : 34,72 MB
Release : 2020
Category :
ISBN :
Author : Manuel Adelino
Publisher :
Page : pages
File Size : 34,72 MB
Release : 2020
Category :
ISBN :
Author : Mr.Guido De Blasio
Publisher : International Monetary Fund
Page : 29 pages
File Size : 45,8 MB
Release : 2003-08-01
Category : Business & Economics
ISBN : 1451858124
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.
Author : Jeffrey H. Nilsen
Publisher :
Page : pages
File Size : 12,56 MB
Release : 1993
Category :
ISBN :
Author : Simona Mateut
Publisher :
Page : 0 pages
File Size : 44,80 MB
Release : 2005
Category :
ISBN :
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.
Author : Simona Mateut
Publisher :
Page : 29 pages
File Size : 47,28 MB
Release : 2002
Category : Economics
ISBN :
Author : Simona Mateut ̧
Publisher :
Page : pages
File Size : 11,27 MB
Release : 2003
Category :
ISBN :
Author : Inessa Love
Publisher : World Bank Publications
Page : 34 pages
File Size : 14,47 MB
Release : 2005
Category : Bank loans
ISBN :
"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.
Author : Mr.Yungsan Kim
Publisher : International Monetary Fund
Page : 36 pages
File Size : 27,71 MB
Release : 2003-06-01
Category : Business & Economics
ISBN : 1451855001
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.
Author : Raymond Fisman
Publisher : World Bank Publications
Page : 34 pages
File Size : 34,5 MB
Release : 2001
Category : Credit
ISBN :
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.
Author : Terence Mallon Kennedy
Publisher :
Page : 214 pages
File Size : 22,77 MB
Release : 2005
Category :
ISBN :