Monetary policy transmission in Morocco: Evidence from borrowers-level data

Hicham Bennouna, Tomasz Chmielewski and Mohamed Doukali

MPRA Paper from University Library of Munich, Germany

Abstract: This paper investigates the impact of monetary policy on firms’ liability structure depending on their specific characteristics (size, age, profit, and collateral) over the period 2010 to 2016 using firm-level data. Our results provide evidence that firms borrowing tend to decrease after a restrictive monetary policy, in line with the traditional interest rate channel. We confirm that small and medium firms are more significantly affected by tight monetary policy conditions than large firms, suggesting the existence of the balance sheet channel in Morocco.

Keywords: Corporate balance sheets; monetary policy transmission; panel data. (search for similar items in EconPapers)
JEL-codes: E44 E52 G20 (search for similar items in EconPapers)
Date: 2019-11-30
New Economics Papers: this item is included in nep-ara, nep-mac and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:97086

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