The size distribution of monetary policy effects among South African manufacturing firms: Firm-level evidence from administrative tax data

Keagile Lesame

No wp-2019-32, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: Monetary policy is believed to have a disproportionate effect on firms, depending on their size. Financially constrained firms with limited access to capital markets are expected to be more sensitive to changes in interest rates; this is characteristic of small firms. This paper empirically tests this hypothesis for firms in the South African manufacturing sector, using the South African Revenue Service's comprehensive tax administrative data set.

Keywords: Credit channel; Firm heterogeneity; Financial constraints; Monetary policy; Administrative data; Tax data; Database (search for similar items in EconPapers)
Date: 2019
New Economics Papers: this item is included in nep-acc
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