Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2016 | nr 46 | 119--140
Tytuł artykułu

The Impact of Monetary Policy and Agent Heterogeneity on Firm Financing Structure: Evidence from the USA

Treść / Zawartość
Warianty tytułu
Języki publikacji
Using panel modelling and firm-level data for 222 US listed companies I investigate how changes in monetary policy approximated by the three-month US LIBOR interest rate and its combined effect with firm-specific characteristics influenced firms' financing decisions and their liability structure during the period 2005-2014. Reported findings suggest that despite the Zero Lower Bound on the Federal Funds Rate, the three-month US LIBOR has retained its impact on firm total debt, long-term bank debt and short-term trade credit. Monetary policy changes were found to have affected firm's liability structure, especially through parameters such as size, collateral and profitability. (original abstract)
Opis fizyczny
  • Aliyev, Ruslan, Dana Hájková, and Ivana Kubicová. 2015. "The Impact of Monetary Policy on Financing of Czech Firms." The Czech Journal of Economics and Finance 65 (6): 455-476.
  • Alonso, Pablo, Felix López Iturriaga, Juan A. Rodríguez Sanz, and Eleuterio Gonzalez 2005. "Determinants of Bank Debt in a Continental Financial System: Evidence from Spanish Companies." The Financial Review-Eastern Finance Association 40 (3): 305-333.
  • Angelopoulou, Eleni, and Heather D. Gibson. 2009. "The Balance Sheet Channel of Monetary Policy Transmission: Evidence from the United Kingdom." Economica New Series 76 (304): 675-703.
  • Arellano, Manuel, and Stephen Bond. 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations." Review of Economic Studies 58 (2): 277-297.
  • Atanasova, Christina. 2007. "Access to Institutional Finance and the Use of Trade Credit." Financial Management 5 (1): 49-67.
  • Atanasova, Christina, and Nicholas Wilson. 2004. "Disequilibrium in the UK corporate loan market." Journal of Banking and Finance 28: 595-614.
  • Bernanke, Ben S., and Alan S. Blinder. 1988. "Credit, Money and Aggregate Demand." American Economic Review 78 (2): 435-439.
  • Bernanke, Ben S., Mark Gertler, and Simon Gilchrist. 1996. "The Financial Accelerator and the Flight to Quality." Review of Economics and Statistics 78 (1): 1-15.
  • Bernanke, Ben S., and Mark Gertler. 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission." Journal of Economic Perspectives 9 (4): 27-48.
  • Bernanke, Ben S., and Simon Gilchrist. 1999. "The Financial Accelerator in a Quantitative Business Cycle Framework". In: Handbook of Macroeconomics Volume 1C, ed. John B. Taylor and Michael Woodford, 1341-1393. North-Holland: Elsevier.
  • Białek-Jaworska, Anna, Aneta Dzik, and Natalia Nehrebecka. 2014. "Wpływ polityki monetarnej na źródła finansowania przedsiębiorstwa w Polsce w latach 1995-2012." Materiały i Studia no. 304.
  • Bougheas, Spiros, Paul Mizen, and Cihan Yalçın. 2004. "The Impact of Firm-Specific Characteristics on the Response to Monetary Policy Actions." Central Bank Review" 1: 1-29.
  • Bougheas, Spiros, Paul Mizen, and Cihan Yalçın. 2006. "Access to External Finance: Theory and Evidence on the Impact of Monetary Policy and Firm-Specific Characteristics." Journal of Banking and Finance 30: 199-227.
  • Brunnenmaier, Markus K., and Yann Koby. 2016. The "Reversal Rate". Effective Lower Bound on Monetary Policy. (accessed 22.10.2016).
  • Cœuré, Benoît. 2016. Assessing the Implications of Negative Interest Rates. Speech at Yale Financial Crisis Forum, Yale School of Management, New Haven, 28.07.2016.
  • 16 (accessed 22.10.2016).
  • Cole, Rebel A. 2010. Bank Credit, Trade Credit or No Credit: Evidence from the Surveys of Small Business Finances. SBA Office of Advocacy, Chicago, IL 60602.
  • Dewaelheyns, Nico, and Cynthia Van Hulle. 2007. Internal Capital Markets and Capital Structure: Bank Versus Internal Debt. Department of Accountancy, Finance and Insurance, Katholieke Universiteit Leuven.
  • Dörrenbächer, Christoph. 2000. "Measuring Corporate Internationalisation. A Review of Measurement Concepts and their Use." Multinational Corporations, Intereconomics 35 (3): 119-126.
  • De Haan, Leo, and Elmer Sterken. 2006. "The Impact of Monetary Policy on the Financing Behaviour of Firms in the Euro Area and the UK." The European Journal of Finance 12 (5): 401-420.
  • De Haan, Leo, and Elmer Sterken. 2000. Capital Structure, Corporate Governance, and Monetary Policy: Firm-Level Evidence for the Euro Area. WO Research Memoranda (discontinued) 637, Netherlands Central Bank.
  • Fama, Eugene F. 1965a. "The Behavior of Stock Market Prices." Journal of Business 38 (1): 34-105.
  • Fama, Eugene F. 1965b. "Random Walks in Stock Market Prices." Financial Analysts Journal 21 (5): 55-59.
  • Fama, Eugene F. 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work." Journal of Finance 25 (2): 383-417.
  • Fama, Eugene F., and Kenneth R. French. 2012. "Size, Value, and Momentum in International Stock Returns." Journal of Financial Economics 105 (3): 457-472.
  • Fazzari, Steven M., R. Glenn Hubbard, and Bruce C. Petersen. 1988. "Financing Constraints and Corporate Investment." Brookings Papers on Economic Activity 1988 (1): 141-195.
  • FRED, Federal Reserve Bank of St. Louis, Board of Governors of the Federal Reserve System (US): Commercial and Industrial Loans, All Commercial Banks, retrieved from FRED, Federal Reserve Bank of St. Louis., (accessed: 12.05.2016).
  • Friedman, Benjamin M., and Kenneth N. Kuttner. 1993. "Economic Activity and the Short-Term Credit Markets: An Analysis of Prices and Quantities." Brookings Papers on Economic Activity 1993 (2): 193-266.
  • Gertler, Mark, and Simon Gilchrist. 1994. "Monetary Policy, Business Cycles and the Behavior of Small Manufacturing Firms." Quarterly Journal of Economics 109 (2): 309-340.
  • Ghosh, Saibal. 2010. "Firm Characteristics, Financial Composition and Response to Monetary Policy: Evidence from Indian Data." Journal of Indian Business Research 2 (4): 198-215.
  • Ghosh, Saibal, and Rudra Sensarma. 2004. "Does Monetary Policy Matter for Corporate Governance? Firm-Level Evidence From India." In: Corporate Governance (Advances in Financial Economics, vol. 9), ed. Mark Hirschey, Kose John, and Anil K. Makhija, 327-354. Bingley, UK: Emerald Group.
  • Guariglia, Alessandra. 1999. "The Effects of Financial Constraints on Inventory Investment: Evidence from a Panel of UK Firms." Economica 66 (261): 43-62.
  • Huang, Hui, Xiaojun Shi, and Shunmnig Zhang. 2011. "Counter-Cyclical Substitution between Trade Credit and Bank Credit." Journal of Banking and Finance 35 (8): 1859-1878.
  • Kashyap, Anil K., Jeremy C. Stein, and David W. Wilcox. 1993. "Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance." American Economic Review" 83 (1): 78-98.
  • Kashyap, Anil K., Jeremy C. Stein, and David W. Wilcox. 1996. "Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance: Reply." American Economic Review 86 (1): 310-314.
  • Kashyap, Anil K., and Jeremy C. Stein. 2000. "What Do a Million Observations on Banks Say about the Transmission of Monetary Policy?" American Economic Review 90 (3): 407-428.
  • Kestens, Katrien, Philippe Van Cauwenberge, and Heidi Vander Bauwhede. 2012. "Trade Credit and Company Performance during the 2008 Financial Crisis." Accounting and Finance 52 (4): 1125-1151.
  • Marzec, Jerzy, and Małgorzata Pawłowska. 2011. "Racjonowanie kredytów a substytucja między kredytem kupieckim i bankowym - badania na przykładzie polskich przedsiębiorstw." Materiały i Studia no. 261.
  • Masuda, Koichi. 2015. "Fixed Investment, Liquidity Constraint, and Monetary Policy: Evidence from Japanese Manufacturing Firm Panel Data." Japan and the World Economy 33: 11-19.
  • McAndrews, James. 2015. Negative Nominal Central Bank Policy Rates: Where Is the Lower Bound? Remarks at the University of Wisconsin. (accessed 22.10.2016).
  • Mizen, Paul, and Cihan Yalçın. 2002. Corporate Finance when Monetary Policy Tightens: How Do Banks and Non-banks Affect Access to Credit? United Nations University Working Paper 03-18.
  • Oliner, Stephen D., and Glenn D. Rudebusch. 1996. "Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance: Comment." American Economic Review 86 (1): 300-309.
  • Romer, Christina D., and David H. Romer. 1990. "New Evidence on the Monetary Transmission Mechanism." Brookings Papers on Economic Activity 1990 (1): 149-213.
  • US. Bureau of Economic Analysis: Real Gross Domestic Product, retrieved from FRED, Federal Reserve Bank of St. Louis. 12.05.2016).
  • Whited, Toni M. 1992. "Debt, Liquidity Constraints and Corporate Investment: Evidence from Panel Data." Journal of Finance 47 (4): 1425-1460.
Typ dokumentu
Identyfikator YADDA

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.