کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5091441 1375679 2006 22 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Credit channel, trade credit channel, and inventory investment: Evidence from a panel of UK firms
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Credit channel, trade credit channel, and inventory investment: Evidence from a panel of UK firms
چکیده انگلیسی
In this paper, we use a panel of 609 UK firms over the period 1980-2000 to test for the existence of a trade credit channel of transmission of monetary policy, and for whether this channel plays an offsetting effect on the traditional credit channel. We estimate error-correction inventory investment equations augmented with the coverage ratio and the trade credit to assets ratio, differentiating the effects of the latter variables across firms more or less likely to face financing constraints, and firms making a high or low use of trade credit. Our results suggest that both the credit and the trade credit channels operate in the UK, and that the latter channel tends to weaken the former.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 30, Issue 10, October 2006, Pages 2835-2856
نویسندگان
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