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Investment behavior, user cost and monetary policy transmission: The case of Hungary
Kátay, Gábor; Wolf, Zoltán - 2004
In this paper we investigate corporate investment behavior using a large panel of Hungarian firms between 1993 and 2002 …, the effect of user cost changes on investment is significant and robust across several specifications providing strong … evidence against simple sales-accelerator models of investment. Firms' cash-flow proved to be a significant determinant of …
Persistent link: https://www.econbiz.de/10010322436
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The interest rate and credit channel in Belgium: an investigation with micro-level firm data
Butzen, Paul; Fuss, Catherine; Vermeulen, Philip - 2001
This paper investigates the effects of monetary policy on firms' investment behaviour. The analysis relies on a …. First, we estimate a reduced-form investment equation derived from the neo-classical model, augmented by cash flow. This …
Persistent link: https://www.econbiz.de/10011604153
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Investment Behavior, User Cost and Monetary Policy Transmission - the Case of Hungary
Kátay, Gábor; Wolf, Zoltán - Magyar Nemzeti Bank (MNB) - 2004
In this paper we investigate corporate investment behavior using a large panel of Hungarian firms between 1993 and 2002 …, the effect of user cost changes on investment is significant and robust across several specifications providing strong … evidence against simple sales-accelerator models of investment. Firms' cash-flow proved to be a significant determinant of …
Persistent link: https://www.econbiz.de/10005146775
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Does the credit channel work in Europe? A study based on the heterogeneity of investment behaviours from aggregated balance-sheet data
BEAUDU, A.; HECKEL, Th. - Département des Études Économiques d'Ensemble (D3E), … - 2001
change the agents financing conditions. According to the credit channel theory, investment elasticity to cash flow should … estimating a classical investment model (accelerator-profit) on a pseudo-panel database harmonised among European countries by … investment sensitivity to financing conditions is consistent with the credit channel theory and that this transmission channel of …
Persistent link: https://www.econbiz.de/10009001095
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Estimating the Borrowing Behavior of French and German Firms An Econometric Analysis
Kremp, Elizabeth; Stöß, Elmar - In: Journal of Economics and Statistics (Jahrbuecher fuer … 221 (2001) 5-6, pp. 620-647
This paper investigates the borrowing behavior of 2,900 French and 1,300 German firms over the 1987-95 period. Both samples based on data sets of the Banque de France and the Deutsche Bundesbank not only include large but also small and medium-sized enterprises. Applying GMM techniques, we...
Persistent link: https://www.econbiz.de/10008634433
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Impact of bank competition on the interest rate pass-through in the euro area
van Leuvensteijn, Michiel; Sørensen, Christoffer Kok; … - 2008
This paper analyses the impact of loan market competition on the interest rates applied by euro area banks to loans and deposits during the 1994-2004 period, using a novel measure of competition called the Boone indicator. We find evidence that stronger competition implies significantly lower...
Persistent link: https://www.econbiz.de/10011604931
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Monetary transmission: empirical evidence from Luxembourg firm level data
Lünnemann, Patrick; Mathä, Thomas Y. - 2001
firms' investment ratio. Changes in user costs are significantly affected by changes in the monetary policy indicator. In … addition, firm specific balance sheet characteristics, such as the lagged cash stock to capital ratio influence the investment …
Persistent link: https://www.econbiz.de/10011604157
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Is there a Credit Channel in Austria? The Impact of Monetary Policy on Firms' Investment Decisions
Wesche, Katrin - 2000
their investment decisions. Moreover, financial con-straints become more severe in times of restrictive monetary policy. …
Persistent link: https://www.econbiz.de/10013369958
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The Bank, the States, and the Market: An Austro-Hungarian Tale for Euroland, 1867-1914
Flandreau, Marc - 2001
In 1867, the "Compromise" between Austria and Hungary laid the foundation of a single currency system with a common central bank. As in today's euroland, each part of the monarchy remained sovereign in fiscal matters. Moreover, the borrowing needs of both parts of the monarchy were quite large,...
Persistent link: https://www.econbiz.de/10013369960
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Is there a Credit Channel in Austria? The Impact of Monetary Policy on Firms' Investment Decisions
Wesche, Katrin - Oesterreichische Nationalbank - 2000
their investment decisions. Moreover, financial con-straints become more severe in times of restrictive monetary policy. …
Persistent link: https://www.econbiz.de/10005802645