Creditor rights, monetary policy, financial crisis, and trade credit

This article analyses how creditor rights affect the trade credit channel of monetary policy. We also aim to test whether these effects were conditioned by the global financial crisis of 2008. Using a sample of 15,356 firms from 29 countries (2001-2017), we found that in normal times or in countries...

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Autores: Cantero Saiz, María|||0000-0002-1442-3130, Torre Olmo, Begoña|||0000-0001-6081-9868, Sanfilippo Azofra, Sergio|||0000-0001-8941-2033
Tipo de recurso: artículo
Fecha de publicación:2023
País:España
Institución:Universidad de Cantabria (UC)
Repositorio:UCrea Repositorio Abierto de la Universidad de Cantabria
Idioma:inglés
OAI Identifier:oai:repositorio.unican.es:10902/30144
Acceso en línea:https://hdl.handle.net/10902/30144
Access Level:acceso abierto
Palabra clave:Creditor rights
Monetary policy
Financial crisis
Trade credit
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spelling Creditor rights, monetary policy, financial crisis, and trade creditCantero Saiz, María|||0000-0002-1442-3130Torre Olmo, Begoña|||0000-0001-6081-9868Sanfilippo Azofra, Sergio|||0000-0001-8941-2033Creditor rightsMonetary policyFinancial crisisTrade creditThis article analyses how creditor rights affect the trade credit channel of monetary policy. We also aim to test whether these effects were conditioned by the global financial crisis of 2008. Using a sample of 15,356 firms from 29 countries (2001-2017), we found that in normal times or in countries not very severely affected by the financial crisis, trade credit receivables increase during monetary restrictions. Moreover, this increase is less pronounced as creditor protection strengthens. In countries strongly affected by the financial crisis, however, trade credit receivables do not react or even decrease after monetary expansions, regardless of the degree of creditor protection. Furthermore, the results of trade credit payables and net trade credit are not conclusive.ElsevierUniversidad de Cantabria20232023-01-01journal articlehttp://purl.org/coar/resource_type/c_6501NAhttp://purl.org/coar/version/c_be7fb7dd8ff6fe43info:eu-repo/semantics/articlehttps://hdl.handle.net/10902/30144BRQ Business Research Quarterly, 2023, 26(3), 216-236reponame:UCrea Repositorio Abierto de la Universidad de Cantabriainstname:Universidad de Cantabria (UC)Inglésengopen accesshttp://purl.org/coar/access_right/c_abf2Attribution-NonCommercial 4.0 Internationalhttp://creativecommons.org/licenses/by-nc/4.0/info:eu-repo/semantics/openAccessoai:repositorio.unican.es:10902/301442026-06-02T12:39:31Z
dc.title.none.fl_str_mv Creditor rights, monetary policy, financial crisis, and trade credit
title Creditor rights, monetary policy, financial crisis, and trade credit
spellingShingle Creditor rights, monetary policy, financial crisis, and trade credit
Cantero Saiz, María|||0000-0002-1442-3130
Creditor rights
Monetary policy
Financial crisis
Trade credit
title_short Creditor rights, monetary policy, financial crisis, and trade credit
title_full Creditor rights, monetary policy, financial crisis, and trade credit
title_fullStr Creditor rights, monetary policy, financial crisis, and trade credit
title_full_unstemmed Creditor rights, monetary policy, financial crisis, and trade credit
title_sort Creditor rights, monetary policy, financial crisis, and trade credit
dc.creator.none.fl_str_mv Cantero Saiz, María|||0000-0002-1442-3130
Torre Olmo, Begoña|||0000-0001-6081-9868
Sanfilippo Azofra, Sergio|||0000-0001-8941-2033
author Cantero Saiz, María|||0000-0002-1442-3130
author_facet Cantero Saiz, María|||0000-0002-1442-3130
Torre Olmo, Begoña|||0000-0001-6081-9868
Sanfilippo Azofra, Sergio|||0000-0001-8941-2033
author_role author
author2 Torre Olmo, Begoña|||0000-0001-6081-9868
Sanfilippo Azofra, Sergio|||0000-0001-8941-2033
author2_role author
author
dc.contributor.none.fl_str_mv Universidad de Cantabria
dc.subject.none.fl_str_mv Creditor rights
Monetary policy
Financial crisis
Trade credit
topic Creditor rights
Monetary policy
Financial crisis
Trade credit
description This article analyses how creditor rights affect the trade credit channel of monetary policy. We also aim to test whether these effects were conditioned by the global financial crisis of 2008. Using a sample of 15,356 firms from 29 countries (2001-2017), we found that in normal times or in countries not very severely affected by the financial crisis, trade credit receivables increase during monetary restrictions. Moreover, this increase is less pronounced as creditor protection strengthens. In countries strongly affected by the financial crisis, however, trade credit receivables do not react or even decrease after monetary expansions, regardless of the degree of creditor protection. Furthermore, the results of trade credit payables and net trade credit are not conclusive.
publishDate 2023
dc.date.none.fl_str_mv 2023
2023-01-01
dc.type.none.fl_str_mv journal article
http://purl.org/coar/resource_type/c_6501
NA
http://purl.org/coar/version/c_be7fb7dd8ff6fe43
dc.type.openaire.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv https://hdl.handle.net/10902/30144
url https://hdl.handle.net/10902/30144
dc.language.none.fl_str_mv Inglés
eng
language_invalid_str_mv Inglés
language eng
dc.rights.none.fl_str_mv open access
http://purl.org/coar/access_right/c_abf2
Attribution-NonCommercial 4.0 International
http://creativecommons.org/licenses/by-nc/4.0/
dc.rights.openaire.fl_str_mv info:eu-repo/semantics/openAccess
rights_invalid_str_mv open access
http://purl.org/coar/access_right/c_abf2
Attribution-NonCommercial 4.0 International
http://creativecommons.org/licenses/by-nc/4.0/
eu_rights_str_mv openAccess
dc.publisher.none.fl_str_mv Elsevier
publisher.none.fl_str_mv Elsevier
dc.source.none.fl_str_mv BRQ Business Research Quarterly, 2023, 26(3), 216-236
reponame:UCrea Repositorio Abierto de la Universidad de Cantabria
instname:Universidad de Cantabria (UC)
instname_str Universidad de Cantabria (UC)
reponame_str UCrea Repositorio Abierto de la Universidad de Cantabria
collection UCrea Repositorio Abierto de la Universidad de Cantabria
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,300724

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