Has the negative interest rate environment changed the financing structure of firms?
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/35288 |
Resumo: | In June 2014, the European Central Bank (ECB) cut its deposit facility rate by 10 basis points, setting it into negative territory in an attempt to stimulate economic growth. This new unconventional monetary policy tool's effectiveness is being extensively studied, mostly focused on the impact on banks, without reaching a consensus yet. In contrast, this dissertation focuses on non-financial firms, aiming to understand the potential impact of the negative interest rates environment on their financing structure. Taking a methodological approach similar to Bougheas et al. (2006), we confirm that constrained firms (smaller, riskier, and with less collateral) are more vulnerable (have more short-term debt) to a monetary policy tightening. The negative rates environment's impact is modest, with riskier firms containing their level of external finance relative to other periods. |
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Has the negative interest rate environment changed the financing structure of firms?Negative interest ratesMonetary policy transmissionExternal financeTaxas de juro negativasTransmissão de política monetáriaFinanciamento externoDomínio/Área Científica::Ciências Sociais::Economia e GestãoIn June 2014, the European Central Bank (ECB) cut its deposit facility rate by 10 basis points, setting it into negative territory in an attempt to stimulate economic growth. This new unconventional monetary policy tool's effectiveness is being extensively studied, mostly focused on the impact on banks, without reaching a consensus yet. In contrast, this dissertation focuses on non-financial firms, aiming to understand the potential impact of the negative interest rates environment on their financing structure. Taking a methodological approach similar to Bougheas et al. (2006), we confirm that constrained firms (smaller, riskier, and with less collateral) are more vulnerable (have more short-term debt) to a monetary policy tightening. The negative rates environment's impact is modest, with riskier firms containing their level of external finance relative to other periods.Em Junho de 2014, o Banco Central Europeu (BCE) diminui a taxa de juro que cobra aos bancos nos seus depósitos em 10 pontos base, atingindo pela primeira vez valores negativos, com o objectivo de estimular o crescimento económico. A eficácia deste novo mecanismo de transmissão de política monetária tem vindo a ser extensivamente estudada, principalmente na perspectiva dos bancos, sem que se tenha chegado a um consenso. No entanto, esta dissertação tem como foco empresas não financeiras, com o objectivo de entender se a introdução de taxas de juro negativas teve algum impacto nas suas decisões de financiamento. Utilizando uma metodologia semelhante à de Bougheas et al. (2006), concluímos que empresas mais constrangidas (mais pequenas, com mais risco, e com menos colateral), estão mais susceptíveis (têm mais dívida de curto prazo) a uma política monetária mais restritiva. O ambiente de taxas de juro negativas tem um impacto reduzido, sendo que as empresas mais arriscadas contêm o seu financiamento externo relativamente a outros períodos.Soares, Carla Sofia CaeiroVeritati - Repositório Institucional da Universidade Católica PortuguesaJorge, Inês da Cruz Morais Pais2021-09-29T08:49:12Z2021-01-292021-012021-01-29T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/35288TID:202657043enginfo: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:RCAAP2023-07-12T17:40:47Zoai:repositorio.ucp.pt:10400.14/35288Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:28:39.390193Repositório 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 |
Has the negative interest rate environment changed the financing structure of firms? |
title |
Has the negative interest rate environment changed the financing structure of firms? |
spellingShingle |
Has the negative interest rate environment changed the financing structure of firms? Jorge, Inês da Cruz Morais Pais Negative interest rates Monetary policy transmission External finance Taxas de juro negativas Transmissão de política monetária Financiamento externo Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
Has the negative interest rate environment changed the financing structure of firms? |
title_full |
Has the negative interest rate environment changed the financing structure of firms? |
title_fullStr |
Has the negative interest rate environment changed the financing structure of firms? |
title_full_unstemmed |
Has the negative interest rate environment changed the financing structure of firms? |
title_sort |
Has the negative interest rate environment changed the financing structure of firms? |
author |
Jorge, Inês da Cruz Morais Pais |
author_facet |
Jorge, Inês da Cruz Morais Pais |
author_role |
author |
dc.contributor.none.fl_str_mv |
Soares, Carla Sofia Caeiro Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Jorge, Inês da Cruz Morais Pais |
dc.subject.por.fl_str_mv |
Negative interest rates Monetary policy transmission External finance Taxas de juro negativas Transmissão de política monetária Financiamento externo Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Negative interest rates Monetary policy transmission External finance Taxas de juro negativas Transmissão de política monetária Financiamento externo Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
In June 2014, the European Central Bank (ECB) cut its deposit facility rate by 10 basis points, setting it into negative territory in an attempt to stimulate economic growth. This new unconventional monetary policy tool's effectiveness is being extensively studied, mostly focused on the impact on banks, without reaching a consensus yet. In contrast, this dissertation focuses on non-financial firms, aiming to understand the potential impact of the negative interest rates environment on their financing structure. Taking a methodological approach similar to Bougheas et al. (2006), we confirm that constrained firms (smaller, riskier, and with less collateral) are more vulnerable (have more short-term debt) to a monetary policy tightening. The negative rates environment's impact is modest, with riskier firms containing their level of external finance relative to other periods. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-09-29T08:49:12Z 2021-01-29 2021-01 2021-01-29T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.14/35288 TID:202657043 |
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http://hdl.handle.net/10400.14/35288 |
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TID:202657043 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
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info:eu-repo/semantics/openAccess |
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openAccess |
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application/pdf |
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reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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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 |
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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) |
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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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