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

• Autorzy: Anna Malinowska
• Języki publikacji: EN

Abstrakty

EN

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)

Słowa kluczowe

EN

Transmission of monetary policy; LIBOR (London Interbank Offered Rate); Panel model; Debt structure; Structure of corporate financing

PL

Transmisja polityki pieniężnej; LIBOR (London Interbank Offered Rate); Modele panelowe; Struktura zadłużenia; Struktura finansowania przedsiębiorstw

• Czasopismo: Ekonomia / Uniwersytet Warszawski
• Rocznik: 2016
• Numer: nr 46
• Strony: 119--140

Twórcy

autor

Anna Malinowska

Bibliografia

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Identyfikatory

DOI

10.17451/eko/46/2016/221