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New Findings on Firm Investment and Monetary Transmission in the Euro Area

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Author Info

  • Jean-Bernard Chatelain
  • Andrea Generale
  • Ignacio Hernando
  • Ulf von Kalckreuth
  • Philip Vermeulen

Abstract

In this paper we present comparative results on the determinants of firms' investment and their link to monetary policy. The results have been obtained by the Eurosystem Monetary Transmission Network. This network has produced a series of papers in which the use of micro data permits estimating and quantifying the relevance of two channels of monetary policy transmission: the interest-rate and the broad-credit channels. The research findings provide evidence of an operative interest-rate channel in all countries examined. Moreover, the results indicate that variables which proxy firms' financial conditions play a role. Firms characterized by weaker balance sheets show higher liquidity sensitivity. Copyright 2003, Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

Volume (Year): 19 (2003)
Issue (Month): 1 ()
Pages: 73-83

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Handle: RePEc:oup:oxford:v:19:y:2003:i:1:p:73-83

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Web page: http://oxrep.oupjournals.org/

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Cited by:
  1. Abdul Karim, Zulkefly, 2010. "Monetary policy and firms’ investment: Dynamic panel data evidence from Malaysia," MPRA Paper 23962, University Library of Munich, Germany, revised 15 May 2010.
  2. Alessandra Guariglia, . "Internal financial constraints, external financial constraints, and investment choice: Evidence from a panel of UK firms," Discussion Papers 07/03, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
  3. Leo De Haan & 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, Taylor & Francis Journals, vol. 12(5), pages 401-420.
  4. Ratti, Ronald A. & Lee, Sunglyong & Seol, Youn, 2008. "Bank concentration and financial constraints on firm-level investment in Europe," Journal of Banking & Finance, Elsevier, vol. 32(12), pages 2684-2694, December.
  5. I. Arnold & C.J.M. Kool & K. Raabe, 2011. "Industry Effects of Bank Lending in Germany," Working Papers 11-21, Utrecht School of Economics.
  6. Paul Mizen & Cihan Yalcin, 2006. "Monetary Policy, Corporate Financial Composition and Real Activity," Working Papers 0601, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  7. Greenaway, David & Guariglia, Alessandra & Kneller, Richard, 2007. "Financial factors and exporting decisions," Journal of International Economics, Elsevier, vol. 73(2), pages 377-395, November.
  8. Walch, Florian & Dwenger, Nadja, 2011. "Tax Losses and Firm Investment: Evidence from Tax Statistics," Annual Conference 2011 (Frankfurt, Main): The Order of the World Economy - Lessons from the Crisis 48699, Verein für Socialpolitik / German Economic Association.
  9. repec:hal:wpaper:halshs-00586690 is not listed on IDEAS
  10. Guariglia, Alessandra & Robert E Carpenter, 2003. "Cash flow, investment, and investment opportunities: New tests using UK panel data," Royal Economic Society Annual Conference 2003 94, Royal Economic Society.
  11. Hendricks, Torben W. & Kempa, Bernd, 2009. "The credit channel in U.S. economic history," Journal of Policy Modeling, Elsevier, vol. 31(1), pages 58-68.
  12. von Kalckreuth, Ulf & Murphy, Emma, 2005. "Financial constraints and capacity adjustment in the United Kingdom: Evidence from a large panel of survey data," Discussion Paper Series 1: Economic Studies 2005,01, Deutsche Bundesbank, Research Centre.
  13. Akarım, Yasemin Deniz, 2013. "The impact of financial factors on export decisions: The evidence from Turkey," Economic Modelling, Elsevier, vol. 35(C), pages 305-308.
  14. Gianni La Cava, 2005. "Financial Constraints, the User Cost of Capital and Corporate Investment in Australia," RBA Research Discussion Papers rdp2005-12, Reserve Bank of Australia.

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