The impact of monetary policy on the financing behaviour of firms in the Euro area and the UK
The impact of monetary policy on the financing behaviour of firms in the Euro area and the UK
复制标题
货币政策对欧元区和英国企业融资行为的影响
DOI：
10.1080/13518470500459840
复制
发表时间：
2006
期刊：
影响因子：
--
通讯作者：
E. Sterken
中科院分区：
文献类型：
--
作者：
Leo J. de Haan;E. Sterken
摘要根据“广义信贷观点”，依赖银行的企业比获得非银行形式外部融资的企业更容易受到货币紧缩的影响。在信贷观点中，银行贷款渠道关注银行贷款的特殊作用，并预测货币紧缩会减少对面临信息问题的公司的贷款供应。然而，“关系贷款渠道”认为，特别是在银行为基础的经济体中，银行依赖型企业与银行有着密切的联系，这可能会降低他们使用银行债务对货币冲击的敏感性。企业债务结构的货币政策立场的变化的敏感性进行了分析，使用22,000家公司在欧元区和英国的样本。信用观、关系型贷款渠道的实证研究得到了支持，而银行贷款渠道的实证研究没有得到支持。
Abstract According to the ‘broad credit view’ bank-dependent firms are more strongly affected by monetary contractions than firms with access to non-bank forms of external finance. Within the credit view the bank lending channel focuses on the special role of bank loans, and predicts that monetary contractions reduce loan supply to firms facing information problems. However, the ‘relationship lending channel’ argues that, especially in bank-based economies, bank-dependent firms have close ties with banks, which may reduce the sensitivity of their use of bank debt to monetary shocks. The sensitivity of corporate debt structures to changes in the monetary policy stance is analysed using a sample of 22,000 firms in the Euro area and the UK. Evidence is found for the credit view, the relationship lending channel, but not for the bank lending channel.
影响因子：
8
作者：
S. Titman;R. Wessels
通讯作者：
S. Titman;R. Wessels