Firm-Level Data and Monetary Policy: The Case of a Middle Income Country

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Bounader, Lahcen and Doukali, Mohamed (2019) Firm-Level Data and Monetary Policy: The Case of a Middle Income Country.

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Abstract

We test the existence of the balance sheet channel of monetary policy in a middle-income country. Firm-level data scarcity and quality, in such a context, make the identification of this channel a steep challenge. To circumvent this challenge, we use panel instrumental variables estimation with measurement error to analyze the financial statements of 58 500 Moroccan firms over the period 2010-2016. Our analysis confirms the existence of this channel. It shows that monetary policy has a significant impact on small and medium enterprises’ access to banks’ financing, and that firm-specific variables are key determinants of firms’ financing decisions.

Item Type:	Article
Uncontrolled Keywords:	sdg 8 - decent work and economic growth,sdg 9 - industry, innovation, and infrastructure ,/dk/atira/pure/sustainabledevelopmentgoals/decent_work_and_economic_growth
Faculty \ School:	Faculty of Social Sciences > School of Economics
UEA Research Groups:	Faculty of Social Sciences > Research Groups > Applied Econometrics And Finance
Related URLs:	https://www.imf.org/en/Publications/WP/I...
Depositing User:	LivePure Connector
Date Deposited:	25 Apr 2023 09:30
Last Modified:	24 Sep 2024 07:33
URI:	https://ueaeprints.uea.ac.uk/id/eprint/91874
DOI:

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