Essays on Loan Pricing and the Credit Channel of Monetary Policy

Leena Morttinen

University of Helsinki, Department of Economics from Department of Economics

Abstract: Credit channel as a channel of influence of financial factors on the real economy has been an intensive subject of both theoretical and empirical research during the last twenty years. Leena Morttinen's doctoral dissertation deals with several topics in this area. The first essay studies the pricing of bank loans using the cross-section data from Finnish Savings banks. In the rest of the essays some issues that arise when firms may be financially constrained are analyzed by using two panel data sets from Finnish firms. The second essay investigates the possible real effects of monetary policy contractions on inventory investment when firms become dependent on internal finance under credit rationing. The third edday considers whether the effects of monetary policy are substantial enough to increase the demand for trade credit and which firms can resort to trade credit under tight monetary policy.

Keywords: MONETARY POLICY; BANKS (search for similar items in EconPapers)
JEL-codes: E52 G21 (search for similar items in EconPapers)
Pages: 117 pages
Date: 2000
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:fth:helsec:85

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