María Cantero-Sáiz, Begoña Torre-Olmo, Sergio Sanfilippo-Azofra
{"title":"债权,货币政策,金融危机,贸易信贷","authors":"María Cantero-Sáiz, Begoña Torre-Olmo, Sergio Sanfilippo-Azofra","doi":"10.1177/2340944420988294","DOIUrl":null,"url":null,"abstract":"This article analyses how creditor rights affect the trade credit channel of monetary policy. We also aim to test whether these effects were conditioned by the global financial crisis of 2008. Using a sample of 15,356 firms from 29 countries (2001–2017), we found that in normal times or in countries not very severely affected by the financial crisis, trade credit receivables increase during monetary restrictions. Moreover, this increase is less pronounced as creditor protection strengthens. In countries strongly affected by the financial crisis, however, trade credit receivables do not react or even decrease after monetary expansions, regardless of the degree of creditor protection. Furthermore, the results of trade credit payables and net trade credit are not conclusive. JEL CLASSIFICATION: E52; K22; G32","PeriodicalId":46891,"journal":{"name":"Brq-Business Research Quarterly","volume":"18 1","pages":"216 - 236"},"PeriodicalIF":3.8000,"publicationDate":"2021-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Creditor rights, monetary policy, financial crisis, and trade credit\",\"authors\":\"María Cantero-Sáiz, Begoña Torre-Olmo, Sergio Sanfilippo-Azofra\",\"doi\":\"10.1177/2340944420988294\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This article analyses how creditor rights affect the trade credit channel of monetary policy. We also aim to test whether these effects were conditioned by the global financial crisis of 2008. Using a sample of 15,356 firms from 29 countries (2001–2017), we found that in normal times or in countries not very severely affected by the financial crisis, trade credit receivables increase during monetary restrictions. Moreover, this increase is less pronounced as creditor protection strengthens. In countries strongly affected by the financial crisis, however, trade credit receivables do not react or even decrease after monetary expansions, regardless of the degree of creditor protection. Furthermore, the results of trade credit payables and net trade credit are not conclusive. JEL CLASSIFICATION: E52; K22; G32\",\"PeriodicalId\":46891,\"journal\":{\"name\":\"Brq-Business Research Quarterly\",\"volume\":\"18 1\",\"pages\":\"216 - 236\"},\"PeriodicalIF\":3.8000,\"publicationDate\":\"2021-01-22\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Brq-Business Research Quarterly\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.1177/2340944420988294\",\"RegionNum\":4,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Brq-Business Research Quarterly","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1177/2340944420988294","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS","Score":null,"Total":0}
Creditor rights, monetary policy, financial crisis, and trade credit
This article analyses how creditor rights affect the trade credit channel of monetary policy. We also aim to test whether these effects were conditioned by the global financial crisis of 2008. Using a sample of 15,356 firms from 29 countries (2001–2017), we found that in normal times or in countries not very severely affected by the financial crisis, trade credit receivables increase during monetary restrictions. Moreover, this increase is less pronounced as creditor protection strengthens. In countries strongly affected by the financial crisis, however, trade credit receivables do not react or even decrease after monetary expansions, regardless of the degree of creditor protection. Furthermore, the results of trade credit payables and net trade credit are not conclusive. JEL CLASSIFICATION: E52; K22; G32