Trade credit and the transmission of unconventional monetary policy
Autor(a) principal: | |
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Data de Publicação: | 2022 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10362/143364 |
Resumo: | We show that production networks are important for the transmission of unconventional monetary policy. Firms with bonds eligible for purchase under the European Central Bank’s Corporate Sector Purchase Program act as financial intermediaries by extending more trade credit to their customers. The increase in trade credit is more pronounced from core countries to periphery countries and for financially constrained customers. Customers increase investment and employment in response to the increase in trade financing, while suppliers expand their customer base, contributing to upstream industry concentration. Our findings suggest that trade credit redistributes the effects of monetary policy across regions and firms. |
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Trade credit and the transmission of unconventional monetary policyMonetary policyTrade creditCorporate bondsInvestmentEmploymentWe show that production networks are important for the transmission of unconventional monetary policy. Firms with bonds eligible for purchase under the European Central Bank’s Corporate Sector Purchase Program act as financial intermediaries by extending more trade credit to their customers. The increase in trade credit is more pronounced from core countries to periphery countries and for financially constrained customers. Customers increase investment and employment in response to the increase in trade financing, while suppliers expand their customer base, contributing to upstream industry concentration. Our findings suggest that trade credit redistributes the effects of monetary policy across regions and firms.Nova School of Business and EconomicsRUNAdelino, ManuelFerreira, Miguel A.Giannetti, MariassuntaPires, Pedro2022-08-30T17:36:40Z2022-042022-04-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10362/143364engAdelino, Manuel, Ferreira, Miguel A., Giannetti, Mariassunta, Pires, Pedro. Trade credit and the transmission of unconventional monetary policy. (April 2022) Nova SBE Working Paper Series No. 650info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T05:21:41Zoai:run.unl.pt:10362/143364Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:50:54.327773Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Trade credit and the transmission of unconventional monetary policy |
title |
Trade credit and the transmission of unconventional monetary policy |
spellingShingle |
Trade credit and the transmission of unconventional monetary policy Adelino, Manuel Monetary policy Trade credit Corporate bonds Investment Employment |
title_short |
Trade credit and the transmission of unconventional monetary policy |
title_full |
Trade credit and the transmission of unconventional monetary policy |
title_fullStr |
Trade credit and the transmission of unconventional monetary policy |
title_full_unstemmed |
Trade credit and the transmission of unconventional monetary policy |
title_sort |
Trade credit and the transmission of unconventional monetary policy |
author |
Adelino, Manuel |
author_facet |
Adelino, Manuel Ferreira, Miguel A. Giannetti, Mariassunta Pires, Pedro |
author_role |
author |
author2 |
Ferreira, Miguel A. Giannetti, Mariassunta Pires, Pedro |
author2_role |
author author author |
dc.contributor.none.fl_str_mv |
RUN |
dc.contributor.author.fl_str_mv |
Adelino, Manuel Ferreira, Miguel A. Giannetti, Mariassunta Pires, Pedro |
dc.subject.por.fl_str_mv |
Monetary policy Trade credit Corporate bonds Investment Employment |
topic |
Monetary policy Trade credit Corporate bonds Investment Employment |
description |
We show that production networks are important for the transmission of unconventional monetary policy. Firms with bonds eligible for purchase under the European Central Bank’s Corporate Sector Purchase Program act as financial intermediaries by extending more trade credit to their customers. The increase in trade credit is more pronounced from core countries to periphery countries and for financially constrained customers. Customers increase investment and employment in response to the increase in trade financing, while suppliers expand their customer base, contributing to upstream industry concentration. Our findings suggest that trade credit redistributes the effects of monetary policy across regions and firms. |
publishDate |
2022 |
dc.date.none.fl_str_mv |
2022-08-30T17:36:40Z 2022-04 2022-04-01T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10362/143364 |
url |
http://hdl.handle.net/10362/143364 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Adelino, Manuel, Ferreira, Miguel A., Giannetti, Mariassunta, Pires, Pedro. Trade credit and the transmission of unconventional monetary policy. (April 2022) Nova SBE Working Paper Series No. 650 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Nova School of Business and Economics |
publisher.none.fl_str_mv |
Nova School of Business and Economics |
dc.source.none.fl_str_mv |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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