Monetary policy effects: new evidence from the Italian flow-of-funds

Autor:	Riccardo Bonci, Francesco Columba
Rok vydání:	2008
Předmět:	Economics and Econometrics Flow of funds business.industry Economic sector media_common.quotation_subject Public sector Monetary policy jel:E32 jel:E52 Monetary economics Quarter (United States coin) Monetary hegemony flow of funds monetary policy VAR Market liquidity Credit channel Shock (economics) Debt Economics business media_common
Zdroj:	Applied Economics
ISSN:	1466-4283 0003-6846
DOI:	10.1080/00036840801964492
Popis:	New evidence on the transmission of monetary policy to the economy is provided through an analysis of the effects of a restrictive monetary policy shock on Italian flow of funds over the period 1980-2002. Firms reduce issuance of debt and decrease the acquisition of financial assets, providing no support for the existence of strong financial frictions. Following the shock, in the first quarter households increase short-tem liabilities and diminish the acquisition of liquid assets and shares. The public sector increases net borrowing for over the first two years. Financial corporations decrease their borrowing for three quarters while during the same period the foreign sector increases borrowed funds. We claim that our results shed new light on the role of financial decisions of the economic sectors in the transmission mechanism of monetary policy.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::27c4c48a06e62651182d3697766c1abe https://doi.org/10.1080/00036840801964492 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
Nepřihlášeným uživatelům se plný text nezobrazuje	K zobrazení výsledku je třeba se přihlásit.