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Heterogeneity in corporate debt structures and the transmission of monetary policy
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Personen und Körperschaften: | , |
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Titel: | Heterogeneity in corporate debt structures and the transmission of monetary policy/ Fédéric Holm-Hadulla, Claire Thürwächter |
Format: | E-Book |
Sprache: | Englisch |
veröffentlicht: |
Frankfurt am Main, Germany
European Central Bank
[2020]
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Gesamtaufnahme: |
Europäische Zentralbank: Working paper series ; no 2402 (May 2020)
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Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
Zusammenfassung: | We study how differences in the aggregate structure of corporate debt financing affect the transmission of monetary policy. Using high-frequency financial market data to identify monetary policy shocks in a panel of euro area countries, we find that: bond finance dampens the overall response of firm credit to monetary policy shocks in economies with a high initial share of bond- relative to bank-based finance; this effect weakens, and may even reverse, in economies with a low share of bond financing; and the dampening effect of a larger bond financing share also attenuates the ultimate impact of monetary policy on economic activity. These findings point to corporate bond markets acting as a "spare tire" in situations when bank lending contracts. |
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Umfang: | 1 Online-Ressource (circa 42 Seiten); Illustrationen |
ISBN: |
9789289940450
928994045X |
DOI: | 10.2866/326134 |