Creditor rights, monetary policy, financial crisis, and trade credit

IF 3.8 4区 管理学 Q2 BUSINESS
María Cantero-Sáiz, Begoña Torre-Olmo, Sergio Sanfilippo-Azofra
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引用次数: 1

Abstract

This article analyses how creditor rights affect the trade credit channel of monetary policy. We also aim to test whether these effects were conditioned by the global financial crisis of 2008. Using a sample of 15,356 firms from 29 countries (2001–2017), we found that in normal times or in countries not very severely affected by the financial crisis, trade credit receivables increase during monetary restrictions. Moreover, this increase is less pronounced as creditor protection strengthens. In countries strongly affected by the financial crisis, however, trade credit receivables do not react or even decrease after monetary expansions, regardless of the degree of creditor protection. Furthermore, the results of trade credit payables and net trade credit are not conclusive. JEL CLASSIFICATION: E52; K22; G32
债权,货币政策,金融危机,贸易信贷
本文分析了债权对货币政策贸易信贷渠道的影响。我们还旨在检验这些影响是否受到2008年全球金融危机的制约。我们使用了来自29个国家(2001-2017年)的15356家公司的样本,发现在正常时期或受金融危机影响不太严重的国家,在货币限制期间,贸易信用应收账款增加。此外,随着债权人保护的加强,这种增长不那么明显。然而,在受金融危机严重影响的国家,无论对债权人的保护程度如何,在货币扩张之后,应收贸易信贷不会作出反应,甚至会减少。此外,应付贸易信贷和净贸易信贷的结果并不是决定性的。凝胶分类:e52;K22;G32
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
7.50
自引率
6.90%
发文量
14
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