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Firm heterogeneity and the transmission of central bank credit policy
Kuhmann, Konrad - 2023
heterogeneous, aggregate investment is substantially less responsive to credit policy compared to an identical firm setting …
Persistent link: https://www.econbiz.de/10014234463
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Monetary policy effects on bank loans in Germany : a panel-econometric analysis
Worms, Andreas - 2001
A crucial condition for the existence of a credit channel through bank loans is that monetary policy should be able to change bank loan supply. This paper contributes to the discussion on this issue by presenting empirical evidence from dynamic panel estimations based on a dataset that comprises...
Persistent link: https://www.econbiz.de/10001641256
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Credit Channel and Investment Behavior in Austria : A Micro-Econometric Approach
Valderrama, Maria Teresa - 2021
accelerator specification of investment demand augmented by the liquidity ratio and a firm specific user cost of capital. The … significant for young firms due mainly to the fact that young firms rely more heavily on sales to increase investment. In general … it is found that firms can reduce the sensivity of investment to their liquidity position by building lending …
Persistent link: https://www.econbiz.de/10013320263
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Hidden reserves as an alternative channel of firm finance
Yarba, İbrahim - In: Central Bank review / Central Bank of the Republic of Turkey 21 (2021) 2, pp. 39-48
This study analyses the argument that whether Turkish non-financial firms utilize any informal source of alternative funding during economic uncertainties over the last decade. This study is the first to explore the issue and provide some insights regarding how small and medium-sized enterprises...
Persistent link: https://www.econbiz.de/10012592019
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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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Monetary transmission: empirical evidence from Luxembourg firm-level data
Lünnemann, Patrick; Mathä, Thomas - Central Bank of Luxembourg - 2002
the negative effect of the user cost of capital on firms' investment ratio. Changes in user cost are significantly … lagged cash stock to capital ratio influence the investment behaviour according to the broad credit channel theory. It is …
Persistent link: https://www.econbiz.de/10009276974
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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