G2TT
来源类型Discussion paper
规范类型论文
来源IDDP17175
DP17175 Risk-Taking and Monetary Policy Transmission: Evidence from loans to SMEs and large firms
Sebnem Kalemli-Ozcan
发表日期2022-04-03
出版年2022
语种英语
摘要Using administrative firm-bank-loan level data, we document new facts about the U.S. credit market and monetary policy transmission. Private firms that are mostly small-medium-size-enterprises (SMEs) borrow from banks and use their enterprise’s continuation value as collateral. Relative to large publicly listed firms, monetary expansions increase highly levered SMEs’ demand for credit and their borrowing capacity because their continuation values rise and their ability to repay debt improves. Our results imply that the effectiveness of monetary policy depends on both the firm-size distribution and the type of collateral pledged.
主题Macroeconomics and Growth ; Monetary Economics and Fluctuations
URLhttps://cepr.org/publications/dp17175
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/546168
推荐引用方式
GB/T 7714
Sebnem Kalemli-Ozcan. DP17175 Risk-Taking and Monetary Policy Transmission: Evidence from loans to SMEs and large firms. 2022.
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