| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27077 |
| 来源ID | Working Paper 27077 |
| Trade Credit and the Transmission of Unconventional Monetary Policy | |
| Manuel Adelino; Miguel A. Ferreira; Mariassunta Giannetti; Pedro Pires | |
| 发表日期 | 2020-05-04 |
| 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 | Macroeconomics ; Monetary Policy ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w27077 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584751 |
| 推荐引用方式 GB/T 7714 | Manuel Adelino,Miguel A. Ferreira,Mariassunta Giannetti,et al. Trade Credit and the Transmission of Unconventional Monetary Policy. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27077.pdf（601KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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