G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w28685
来源IDWorking Paper 28685
Risk-Taking and Monetary Policy Transmission: Evidence from Loans to SMEs and Large Firms
Cecilia R. Caglio; R. Matthew Darst; Ṣebnem Kalemli-Özcan
发表日期2021-04-19
出版年2021
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 ; Business Cycles ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Institutions ; Development and Growth ; Development
URLhttps://www.nber.org/papers/w28685
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/586357
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Cecilia R. Caglio,R. Matthew Darst,Ṣebnem Kalemli-Özcan. Risk-Taking and Monetary Policy Transmission: Evidence from Loans to SMEs and Large Firms. 2021.
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