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Firms’ debt structure matters for monetary policy transmission
[Structure d’endettement des entreprises et transmission de la politique monétaire]

Author

Listed:
  • Marie Alder
  • Nuno Coimbra
  • Urszula Szczerbowicz

Abstract

ECB conventional monetary policy (CMP) and bond liquidity (BL) shocks affect French firms’ investment. The strength of the impact depends on firms’ debt structure: bank-reliant firms reduce investment relatively more after interest rates hikes than after contractionary bond liquidity shocks. Les chocs de politique monétaire conventionnelle et de liquidité obligataire de la BCE influent sur l’investissement des entreprises françaises. La force de l’impact dépend de la structure d’endettement des entreprises : les entreprises dépendant des banques réduisent relativement plus leurs investissements après des hausses de taux qu’après des chocs de contraction de la liquidité obligataire.

Suggested Citation

  • Marie Alder & Nuno Coimbra & Urszula Szczerbowicz, . "Firms’ debt structure matters for monetary policy transmission [Structure d’endettement des entreprises et transmission de la politique monétaire]," Eco Notepad (in progress), Banque de France.
    • Handle: RePEc:bfr:econot:351
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