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Trade credit and the transmission of unconventional monetary policy

2022-04Documento de Trabalho Acesso aberto
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dc.contributor.authorAdelino, Manuel
dc.contributor.authorFerreira, Miguel A.
dc.contributor.authorGiannetti, Mariassunta
dc.contributor.authorPires, Pedro
dc.date.accessioned2022-08-30T17:36:40Z
dc.date.available2022-08-30T17:36:40Z
dc.date.issued2022-04
dc.description.abstractWe 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 more trade credit to their customers. The increase in trade credit is more pronounced from core countries to periphery countries and for financially constrained customers. Customers increase investment and employment in response to the increase in trade financing, while 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.pt_PT
dc.description.versioninfo:eu-repo/semantics/submittedVersionpt_PT
dc.identifier.citationAdelino, Manuel, Ferreira, Miguel A., Giannetti, Mariassunta, Pires, Pedro. Trade credit and the transmission of unconventional monetary policy. (April 2022) Nova SBE Working Paper Series No. 650pt_PT
dc.identifier.urihttp://hdl.handle.net/10362/143364
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherNova School of Business and Economicspt_PT
dc.relation.ispartofseriesNova SBE Working Paper Series;650
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/pt_PT
dc.subjectMonetary policypt_PT
dc.subjectTrade creditpt_PT
dc.subjectCorporate bondspt_PT
dc.subjectInvestmentpt_PT
dc.subjectEmploymentpt_PT
dc.titleTrade credit and the transmission of unconventional monetary policypt_PT
dc.typeworking paper
dspace.entity.typePublication
person.familyNameDuarte Neves Adelino
person.familyNameFerreira
person.familyNameGiannetti
person.givenNameManuel
person.givenNameMiguel
person.givenNameMariassunta
person.identifier.ciencia-idE81A-BB18-5515
person.identifier.ciencia-id0C1F-7692-E246
person.identifier.ciencia-idBB13-FF74-086B
person.identifier.orcid0000-0002-6308-8930
person.identifier.orcid0000-0003-0537-2703
person.identifier.orcid0000-0003-1568-8939
person.identifier.ridB-7931-2009
person.identifier.scopus-author-id8503169400
rcaap.rightsopenAccesspt_PT
rcaap.typeworkingPaperpt_PT
relation.isAuthorOfPublicationeb2945c1-f89c-4584-bd4a-3516f716f896
relation.isAuthorOfPublicationa5c4a78a-189f-4b23-b724-4d2b3c956863
relation.isAuthorOfPublication6d8de634-a94e-43fa-93ce-2bd566a0fa49
relation.isAuthorOfPublication.latestForDiscoveryeb2945c1-f89c-4584-bd4a-3516f716f896

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