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Il credito commerciale: problemi e teorie

Author

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  • Massimo Omiccioli

    () (Banca d'Italia)

Abstract

This 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.

Suggested Citation

  • Massimo Omiccioli, 2004. "Il credito commerciale: problemi e teorie," Temi di discussione (Economic working papers) 494, Bank of Italy, Economic Research and International Relations Area.
  • Handle: RePEc:bdi:wptemi:td_494_04
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    File URL: http://www.bancaditalia.it/pubblicazioni/temi-discussione/2004/2004-0494/tema_494.pdf
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    Citations

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    Cited by:

    1. Guido De Blasio, 2003. "Does Trade Credit Substitute Bank Credit? Evidence From Firm-Level Data," IMF Working Papers 03/166, International Monetary Fund.
    2. Leandro D’Aurizio & Domenico Depalo, 2016. "An Evaluation of the Policies on Repayment of Government’s Trade Debt in Italy," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 2(2), pages 167-196, July.
    3. 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.

    More about this item

    Keywords

    credito commerciale; dilazioni di pagamento; politica monetaria;

    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

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