Do non-financial firms react to monetary policy actions as banks do?
Identificadores
URI: http://hdl.handle.net/10481/31464Metadatos
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Universidad de Granada. Departamento de Teoría e Historia Económica
Materia
Monetary policy transmission Bank lending channel Liquidity Non-financial firms Banks
Fecha
2005Referencia bibliográfica
Carbó Valverde, S.; López del Paso, R. Do non-financial firms react to monetary policy actions as banks do?. Universidad de Granada. Departamento de Teoría e Historia Económica (2005). (The Papers; 05/03). [http://hdl.handle.net/10481/31464]
Resumen
The theory of the bank lending channel indicates that financial institutions with larger size,
higher capitalisation and higher liquidity present a greater capacity to maintain their levels of credit
supply in a situation of monetary contraction. However, there is a paucity of (European) studies that
analyse the bank lending channel from the non-financial firms’ perspective. This paper analyzes the
impact of monetary policy actions on a large sample of Spanish firms. The empirical evidence for
Spain shows that the impact of size, solvency and liquidity are similar for banks and non-financial
firms.