Trade Credit and the Transmission of Unconventional Monetary Policy

• 成果类型: Article
• 署名作者: Adelino, Manuel; Ferreira, Miguel A.; Giannetti, Mariassunta; Pires, Pedro
• 署名单位: Duke University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Universidade Nova de Lisboa; Stockholm School of Economics
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhac040
• 发表日期: 2023
• 页码: 775
• 关键词: propagation; Heterogeneity; channel

摘要

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 additional trade credit to their customers. The increase in trade credit is pronounced from core countries to periphery countries and for financially constrained customers. Customers then increase investment and employment in response to the increased trade financing, whereas 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.