Credit channel and flight to quality in emerging markets: evidence from Chile
Abstract Empirical evidence of the credit channel of monetary policy often relies on the observance of flight to quality during monetary tightening. The identification assumption is that the typically smaller firms facing financing constraints, are disproportionally affected by the stance of monetar...
Ausführliche Beschreibung
Gespeichert in:
| Autor*in: |
Troncoso, Rodrigo [verfasserIn] |
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| Format: |
Artikel |
|---|---|
| Sprache: |
Englisch |
| Erschienen: |
2011 |
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| Schlagwörter: |
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| Anmerkung: |
© Springer-Verlag 2011 |
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| Übergeordnetes Werk: |
Enthalten in: Empirical economics - Springer-Verlag, 1976, 41(2011), 1 vom: 25. März, Seite 183-197 |
|---|---|
| Übergeordnetes Werk: |
volume:41 ; year:2011 ; number:1 ; day:25 ; month:03 ; pages:183-197 |
| Links: |
|---|
| DOI / URN: |
10.1007/s00181-011-0458-z |
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| 520 | |a Abstract Empirical evidence of the credit channel of monetary policy often relies on the observance of flight to quality during monetary tightening. The identification assumption is that the typically smaller firms facing financing constraints, are disproportionally affected by the stance of monetary policy. I argue that when credit constrains are widespread, as may be the case in Emerging Markets, flight to quality should not be expected during monetary contractions. Indeed, in my model, among constrained firms, those with tighter financing constraints are less responsive to monetary conditions. I find evidence supporting my model in a sample of firms from the Emerging Market of Chile. | ||
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10.1007/s00181-011-0458-z doi (DE-627)OLC2063184232 (DE-He213)s00181-011-0458-z-p DE-627 ger DE-627 rakwb eng 650 VZ 000 330 VZ Troncoso, Rodrigo verfasserin aut Credit channel and flight to quality in emerging markets: evidence from Chile 2011 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer-Verlag 2011 Abstract Empirical evidence of the credit channel of monetary policy often relies on the observance of flight to quality during monetary tightening. The identification assumption is that the typically smaller firms facing financing constraints, are disproportionally affected by the stance of monetary policy. I argue that when credit constrains are widespread, as may be the case in Emerging Markets, flight to quality should not be expected during monetary contractions. Indeed, in my model, among constrained firms, those with tighter financing constraints are less responsive to monetary conditions. I find evidence supporting my model in a sample of firms from the Emerging Market of Chile. Credit channel Flight to quality Credit restrictions Dynamic panels Enthalten in Empirical economics Springer-Verlag, 1976 41(2011), 1 vom: 25. März, Seite 183-197 (DE-627)130166235 (DE-600)519394-1 (DE-576)015709310 0377-7332 nnns volume:41 year:2011 number:1 day:25 month:03 pages:183-197 https://doi.org/10.1007/s00181-011-0458-z lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_11 GBV_ILN_21 GBV_ILN_22 GBV_ILN_24 GBV_ILN_26 GBV_ILN_40 GBV_ILN_60 GBV_ILN_70 GBV_ILN_130 GBV_ILN_707 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2018 GBV_ILN_4012 GBV_ILN_4029 GBV_ILN_4125 GBV_ILN_4193 GBV_ILN_4277 GBV_ILN_4318 GBV_ILN_4322 GBV_ILN_4323 AR 41 2011 1 25 03 183-197 |
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10.1007/s00181-011-0458-z doi (DE-627)OLC2063184232 (DE-He213)s00181-011-0458-z-p DE-627 ger DE-627 rakwb eng 650 VZ 000 330 VZ Troncoso, Rodrigo verfasserin aut Credit channel and flight to quality in emerging markets: evidence from Chile 2011 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer-Verlag 2011 Abstract Empirical evidence of the credit channel of monetary policy often relies on the observance of flight to quality during monetary tightening. The identification assumption is that the typically smaller firms facing financing constraints, are disproportionally affected by the stance of monetary policy. I argue that when credit constrains are widespread, as may be the case in Emerging Markets, flight to quality should not be expected during monetary contractions. Indeed, in my model, among constrained firms, those with tighter financing constraints are less responsive to monetary conditions. I find evidence supporting my model in a sample of firms from the Emerging Market of Chile. Credit channel Flight to quality Credit restrictions Dynamic panels Enthalten in Empirical economics Springer-Verlag, 1976 41(2011), 1 vom: 25. März, Seite 183-197 (DE-627)130166235 (DE-600)519394-1 (DE-576)015709310 0377-7332 nnns volume:41 year:2011 number:1 day:25 month:03 pages:183-197 https://doi.org/10.1007/s00181-011-0458-z lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_11 GBV_ILN_21 GBV_ILN_22 GBV_ILN_24 GBV_ILN_26 GBV_ILN_40 GBV_ILN_60 GBV_ILN_70 GBV_ILN_130 GBV_ILN_707 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2018 GBV_ILN_4012 GBV_ILN_4029 GBV_ILN_4125 GBV_ILN_4193 GBV_ILN_4277 GBV_ILN_4318 GBV_ILN_4322 GBV_ILN_4323 AR 41 2011 1 25 03 183-197 |
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10.1007/s00181-011-0458-z doi (DE-627)OLC2063184232 (DE-He213)s00181-011-0458-z-p DE-627 ger DE-627 rakwb eng 650 VZ 000 330 VZ Troncoso, Rodrigo verfasserin aut Credit channel and flight to quality in emerging markets: evidence from Chile 2011 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer-Verlag 2011 Abstract Empirical evidence of the credit channel of monetary policy often relies on the observance of flight to quality during monetary tightening. The identification assumption is that the typically smaller firms facing financing constraints, are disproportionally affected by the stance of monetary policy. I argue that when credit constrains are widespread, as may be the case in Emerging Markets, flight to quality should not be expected during monetary contractions. Indeed, in my model, among constrained firms, those with tighter financing constraints are less responsive to monetary conditions. I find evidence supporting my model in a sample of firms from the Emerging Market of Chile. Credit channel Flight to quality Credit restrictions Dynamic panels Enthalten in Empirical economics Springer-Verlag, 1976 41(2011), 1 vom: 25. März, Seite 183-197 (DE-627)130166235 (DE-600)519394-1 (DE-576)015709310 0377-7332 nnns volume:41 year:2011 number:1 day:25 month:03 pages:183-197 https://doi.org/10.1007/s00181-011-0458-z lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_11 GBV_ILN_21 GBV_ILN_22 GBV_ILN_24 GBV_ILN_26 GBV_ILN_40 GBV_ILN_60 GBV_ILN_70 GBV_ILN_130 GBV_ILN_707 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2018 GBV_ILN_4012 GBV_ILN_4029 GBV_ILN_4125 GBV_ILN_4193 GBV_ILN_4277 GBV_ILN_4318 GBV_ILN_4322 GBV_ILN_4323 AR 41 2011 1 25 03 183-197 |
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10.1007/s00181-011-0458-z doi (DE-627)OLC2063184232 (DE-He213)s00181-011-0458-z-p DE-627 ger DE-627 rakwb eng 650 VZ 000 330 VZ Troncoso, Rodrigo verfasserin aut Credit channel and flight to quality in emerging markets: evidence from Chile 2011 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer-Verlag 2011 Abstract Empirical evidence of the credit channel of monetary policy often relies on the observance of flight to quality during monetary tightening. The identification assumption is that the typically smaller firms facing financing constraints, are disproportionally affected by the stance of monetary policy. I argue that when credit constrains are widespread, as may be the case in Emerging Markets, flight to quality should not be expected during monetary contractions. Indeed, in my model, among constrained firms, those with tighter financing constraints are less responsive to monetary conditions. I find evidence supporting my model in a sample of firms from the Emerging Market of Chile. Credit channel Flight to quality Credit restrictions Dynamic panels Enthalten in Empirical economics Springer-Verlag, 1976 41(2011), 1 vom: 25. März, Seite 183-197 (DE-627)130166235 (DE-600)519394-1 (DE-576)015709310 0377-7332 nnns volume:41 year:2011 number:1 day:25 month:03 pages:183-197 https://doi.org/10.1007/s00181-011-0458-z lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_11 GBV_ILN_21 GBV_ILN_22 GBV_ILN_24 GBV_ILN_26 GBV_ILN_40 GBV_ILN_60 GBV_ILN_70 GBV_ILN_130 GBV_ILN_707 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2018 GBV_ILN_4012 GBV_ILN_4029 GBV_ILN_4125 GBV_ILN_4193 GBV_ILN_4277 GBV_ILN_4318 GBV_ILN_4322 GBV_ILN_4323 AR 41 2011 1 25 03 183-197 |
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10.1007/s00181-011-0458-z doi (DE-627)OLC2063184232 (DE-He213)s00181-011-0458-z-p DE-627 ger DE-627 rakwb eng 650 VZ 000 330 VZ Troncoso, Rodrigo verfasserin aut Credit channel and flight to quality in emerging markets: evidence from Chile 2011 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer-Verlag 2011 Abstract Empirical evidence of the credit channel of monetary policy often relies on the observance of flight to quality during monetary tightening. The identification assumption is that the typically smaller firms facing financing constraints, are disproportionally affected by the stance of monetary policy. I argue that when credit constrains are widespread, as may be the case in Emerging Markets, flight to quality should not be expected during monetary contractions. Indeed, in my model, among constrained firms, those with tighter financing constraints are less responsive to monetary conditions. I find evidence supporting my model in a sample of firms from the Emerging Market of Chile. Credit channel Flight to quality Credit restrictions Dynamic panels Enthalten in Empirical economics Springer-Verlag, 1976 41(2011), 1 vom: 25. März, Seite 183-197 (DE-627)130166235 (DE-600)519394-1 (DE-576)015709310 0377-7332 nnns volume:41 year:2011 number:1 day:25 month:03 pages:183-197 https://doi.org/10.1007/s00181-011-0458-z lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_11 GBV_ILN_21 GBV_ILN_22 GBV_ILN_24 GBV_ILN_26 GBV_ILN_40 GBV_ILN_60 GBV_ILN_70 GBV_ILN_130 GBV_ILN_707 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2018 GBV_ILN_4012 GBV_ILN_4029 GBV_ILN_4125 GBV_ILN_4193 GBV_ILN_4277 GBV_ILN_4318 GBV_ILN_4322 GBV_ILN_4323 AR 41 2011 1 25 03 183-197 |
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credit channel and flight to quality in emerging markets: evidence from chile |
| title_auth |
Credit channel and flight to quality in emerging markets: evidence from Chile |
| abstract |
Abstract Empirical evidence of the credit channel of monetary policy often relies on the observance of flight to quality during monetary tightening. The identification assumption is that the typically smaller firms facing financing constraints, are disproportionally affected by the stance of monetary policy. I argue that when credit constrains are widespread, as may be the case in Emerging Markets, flight to quality should not be expected during monetary contractions. Indeed, in my model, among constrained firms, those with tighter financing constraints are less responsive to monetary conditions. I find evidence supporting my model in a sample of firms from the Emerging Market of Chile. © Springer-Verlag 2011 |
| abstractGer |
Abstract Empirical evidence of the credit channel of monetary policy often relies on the observance of flight to quality during monetary tightening. The identification assumption is that the typically smaller firms facing financing constraints, are disproportionally affected by the stance of monetary policy. I argue that when credit constrains are widespread, as may be the case in Emerging Markets, flight to quality should not be expected during monetary contractions. Indeed, in my model, among constrained firms, those with tighter financing constraints are less responsive to monetary conditions. I find evidence supporting my model in a sample of firms from the Emerging Market of Chile. © Springer-Verlag 2011 |
| abstract_unstemmed |
Abstract Empirical evidence of the credit channel of monetary policy often relies on the observance of flight to quality during monetary tightening. The identification assumption is that the typically smaller firms facing financing constraints, are disproportionally affected by the stance of monetary policy. I argue that when credit constrains are widespread, as may be the case in Emerging Markets, flight to quality should not be expected during monetary contractions. Indeed, in my model, among constrained firms, those with tighter financing constraints are less responsive to monetary conditions. I find evidence supporting my model in a sample of firms from the Emerging Market of Chile. © Springer-Verlag 2011 |
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Credit channel and flight to quality in emerging markets: evidence from Chile |
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https://doi.org/10.1007/s00181-011-0458-z |
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