Transmission de la politique monétaire vers l’endettement des entreprises non financières au Maroc

Hicham Bennouna, Tomasz Chmielewski and Mohamed Doukali ()
Additional contact information
Mohamed Doukali: Bank Al-Maghrib, Département de la Recherche, Postal: 277 Avenue Mohammed V, BP No. 445

No 2019-1, Document de travail from Bank Al-Maghrib, Département de la Recherche

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)
Pages: 24 pages
Date: 2019-12-11
New Economics Papers: this item is included in nep-ara and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.bkam.ma/content/download/683187/7841549 ... 20la%20pol%20mon.pdf Full text (application/pdf)
s.loukili@bkam.ma

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ris:bkamdt:2019_001

Access Statistics for this paper

More papers in Document de travail from Bank Al-Maghrib, Département de la Recherche Contact information at EDIRC.
Bibliographic data for series maintained by Département Recherche ().