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Transmission de la politique monétaire vers l’endettement des entreprises non financières au Maroc

Author

Listed:
  • Bennouna, Hicham

    (Bank Al-Maghrib, Département de la Recherche)

  • Chmielewski, Tomasz

    (Narodowy Bank Polski)

  • Doukali, Mohamed

    (Bank Al-Maghrib, Département de la Recherche)

Abstract

This paper investigates the impact of monetary policy on firms’ liability structure depending on their specific characteristics (size, age, profit, and collateral) over the period 2010 to 2016 using firm-level data. Our results provide evidence that firms borrowing tend to decrease after a restrictive monetary policy, in line with the traditional interest rate channel. We confirm that small and medium firms are more significantly affected by tight monetary Policy conditions than large firms, suggesting the existence of the balance sheet channel in Morocco.

Suggested Citation

  • Bennouna, Hicham & Chmielewski, Tomasz & Doukali, Mohamed, 2019. "Transmission de la politique monétaire vers l’endettement des entreprises non financières au Maroc," Document de travail 2019-1, Bank Al-Maghrib, Département de la Recherche.
    • Handle: RePEc:ris:bkamdt:2019_001
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    References listed on IDEAS

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    More about this item

    Keywords

    Corporate balance sheets; monetary policy transmission; panel data;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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