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Firm-Level Data and Monetary Policy
The Case of a Middle Income Country

by Lahcen Bounader and Mohamed Doukali

Series:Working Paper No. 19/239
ISBN 9781513518862
Code: #WPIEA2019239

Publication year: 2019

Cdn: $27.00; US: $25.00
Paperback
Language: English
34 pages
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We test the existence of the balance sheet channel of monetary policy in a middle-income country. Firm-level data scarcity and quality, in such a context, make the identification of this channel a steep challenge. To circumvent this challenge, we use panel instrumental variables estimation with measurement error to analyze the financial statements of 58 500 Moroccan firms over the period 2010-2016. Our analysis confirms the existence of this channel. It shows that monetary policy has a significant impact on small and medium enterprises’ access to banks’ financing, and that firm-specific variables are key determinants of firms’ financing decisions.
Firm-Level Data and Monetary Policy
Cdn: $27.00; US: $25.00
International Monetary Fund (IMF) BookID: 126370 Added: 2019.11.25