Monetary Policy and Corporate Liquid Asset Demand
Monetary Policy and Corporate Liquid Asset Demand
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货币政策与企业流动资产需求
DOI：
10.5089/9781451858877.001.a001
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发表时间：
2001
期刊：
影响因子：
--
通讯作者：
Yungsan Kim
中科院分区：
文献类型：
--
作者：
W. Choi;Yungsan Kim
与传统的货币需求文献不同，本文提出货币政策通过一个单独的渠道直接影响企业流动性需求我们称之为“贷款承诺渠道”。“在持续的货币政策冲击下，企业利用贷款承诺和贷款利率的缓慢变动，在跨期流动性管理的资金来源之间进行替代。为了检验这一命题，我们估计公司的流动性需求，控制公司的特点，使用美国季度面板数据。研究结果表明，当货币政策收紧时，标准普尔500公司在减少流动资产之前首先增加流动资产，而非标准普尔公司减少流动资产的速度更快。
In contrast to conventional money demand literature, this paper proposes that monetary policy affects corporate liquidity demand directly through a separate channelwhat we call "the loan commitment channel." Upon persistent monetary policy shocks, firms make substitutions between sources of funds for intertemporal liquidity management, taking advantage of loan commitments and sluggish movements in loan rates. To test this proposition, we estimate corporate liquidity demand, controlling for firm characteristics, using U.S. quarterly panel data. The results indicate that when monetary policy is tightened, S&P 500 firms initially increase their liquid assets before reducing them, whereas non-S&P firms reduce them more quickly.
影响因子：
8
作者：
S. Titman;R. Wessels
通讯作者：
S. Titman;R. Wessels