Le canal du crédit fonctionne-t-il en Europe ? Une étude de l’hétérogénéité des comportements d’investissement à partir de données de bilan agrégées

Anne Beaudu and Thomas Heckel
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Anne Beaudu: Caisse National du Crédit Agricole
Thomas Heckel: INSEE - Institut national de la statistique et des études économiques (INSEE)

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Abstract: This article studies the impact of monetary policy on real economy in Europe through a particular transmission mechanism: the credit channel. The credit channel is based on the existence of information asymmetries in financial markets that change the agents' financing conditions. According to the credit channel theory, investment elasticity to cash flow should increase following tight monetary periods, especially in small firms.

Keywords: panel data; accelerator-profit model; financing conditions; credit channel; monetary policy; données de panel; modèle accélérateur-profit; conditions de financement; canal du crédit; politique monétaire (search for similar items in EconPapers)
Date: 2001-03
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