According to the 'broad credit view'bank-dependent firms are more strongly affected by
monetary contractions than firms with access to non-bank forms of external finance. Within …

This paper uses firm-level financial data for Czech firms in the period from 2003 to 2011 and
tests for the role of companies' financial structure in the transmission of monetary policy. Our …

Evidence is provided of the credit channel as a possible way of transmitting monetary policy
decisions. This is done in an international framework by comparing the reaction of non …

Using balance sheet data for a panel of UK listed firms, we find evidence of a bank lending
channel of monetary transmission. A higher interest rate induces more bank lending to listed …

In the last decade, a debate has resurfaced about whether financial constraints stemming
from asymmetric information and incentive problems play an important role in propagating …

Monetary policy contractions exacerbate credit constraints stemming from asymmetric
information, incentive problems and limited collateral. During such periods financial …

The importance of credit in the monetary transmission mechanism has recently attained a lot
of attention due to a growing understanding that credit market imperfections can have an …

The use of aggregate data and failure to consider all possible alternatives to bank loans
have been the main sources of criticism of empirical bank lending channel analyses …

The share of firms' borrowing from bond markets has been rising globally, and notably in the
Eurozone. How does debt structure affect the transmission of monetary policy? We present a …

Using data for the US manufacturing sector, we test for the existence of a broad credit
channel for monetary policy, which operates through the total supply of loans. Our test …