Il credito commerciale: problemi e teorie
AbstractThis paper presents a survey of the literature on the determinants of inter-firm credit and on its implications for the transmission mechanism of monetary policy. Theoretical explanations for trade credit can be divided in two categories: a) theories based on real functions performed by trade credit; b) theories based on transaction and financial motivations. The former category includes theories that interpret the supply of trade credit as a tool to achieve a variety of marketing objectives (to build customer relationships, as a guarantee for product quality, as a mechanism for price discrimination, as a response to demand variability). The latter category includes theories that consider trade credit as a tool to reduce transaction costs (as a substitute for money) or as a financial alternative to bank credit or to other forms of financing. The paper also examines the macroeconomic implications of these theories, with special reference to the relations between trade credit and monetary policy. Conclusions set forward some hypotheses for research, by looking at preliminary evidence on European countries, which are characterised by strong differences in the length of payment terms that led to the adoption of an EC Directive on combating late payment in commercial transactions.
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Bibliographic InfoPaper provided by Bank of Italy, Economic Research and International Relations Area in its series Temi di discussione (Economic working papers) with number 494.
Date of creation: Jun 2004
Date of revision:
credito commerciale; dilazioni di pagamento; politica monetaria;
Find related papers by JEL classification:
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-01-24 (All new papers)
- NEP-FIN-2006-01-24 (Finance)
- NEP-FMK-2006-01-24 (Financial Markets)
- NEP-MAC-2006-01-24 (Macroeconomics)
- NEP-MKT-2006-01-24 (Marketing)
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- Guido De Blasio, 2004. "Does trade credit substitute for bank credit?," Temi di discussione (Economic working papers) 498, Bank of Italy, Economic Research and International Relations Area.
- Guido De Blasio, 2003. "Does Trade Credit Substitute Bank Credit? Evidence from Firm-level Data," IMF Working Papers 03/166, International Monetary Fund.
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