| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14639 |
| DP14639 Trade Credit and the Transmission of Unconventional Monetary Policy | |
| Manuel Adelino; Miguel Ferreira; Mariassunta Giannetti; Pedro Pires | |
| 发表日期 | 2020-04-19 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We show that trade credit in production networks is important for the transmission of unconventional monetary policy. We find that firms with bonds eligible for purchase under the European Central Bank’s Corporate Sector Purchase Program act as financial intermediaries and extend more trade credit to their customers. The increase in trade credit flows is more pronounced from core countries to periphery countries and towards financially constrained customers. Customers increase investment and employment in response to the additional financing, while suppliers with eligible bonds increase their customer base, potentially favoring upstream industry concentration. Our findings suggest that the trade credit channel of monetary policy produces heterogeneous effects on regions, industries, and firms. |
| 主题 | Financial Economics ; International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | monetary policy Trade credit Corporate bonds investment Employment |
| URL | https://cepr.org/publications/dp14639 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543552 |
| 推荐引用方式 GB/T 7714 | Manuel Adelino,Miguel Ferreira,Mariassunta Giannetti,et al. DP14639 Trade Credit and the Transmission of Unconventional Monetary Policy. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
