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Trade Credit and th...
Trade Credit and the Transmission of Unconventional Monetary Policy
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- Adelino, Manuel (author)
- Duke University
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- Ferreira, Miguel (author)
- Nova School of Business and Economics
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- Giannetti, Mariassunta (author)
- Stockholm School of Economics,Handelshögskolan i Stockholm
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- Pires, Pedro (author)
- Nova School of Business and Economics
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(creator_code:org_t)
- Oxford University Press (OUP): Policy F - Oxford Open Option D, 2023
- 2023
- English.
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In: Review of Financial Studies. - : Oxford University Press (OUP): Policy F - Oxford Open Option D. - 1465-7368 .- 0893-9454. ; 36:2, s. 775-813
- Related links:
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https://doi.org/10.1...
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Abstract
Subject headings
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- We show that production networks are important for the transmission of unconventional monetary policy. Firms with bonds eligible for purchase under the European Central Bank's Corporate Sector Purchase Program act as financial intermediaries by extending additional trade credit to their customers. The increase in trade credit is pronounced from core countries to periphery countries and for financially constrained customers. Customers then increase investment and employment in response to the increased trade financing, whereas suppliers expand their customer base, contributing to upstream industry concentration. Our findings suggest that trade credit redistributes the effects of monetary policy across regions and firms.
Subject headings
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economics (hsv//eng)
Keyword
- 17 Partnerships for the goals
- 09 Industry innovation & infrastructure
Publication and Content Type
- art (subject category)
- ref (subject category)
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