منابع مشابه
Corporate Finance and the Monetary Transmission Mechanism
We analyze the transmission effects of monetary policy in a general equilibrium model of the financial sector, with bank lending and securities markets. Bank lending is constrained by capital adequacy requirements, and asymmetric information adds a cost to outside bank equity capital. In our model, monetary policy does not affect bank lending through changes in bank liquidity; rather, it operat...
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The evolving financial environment facing the corporate sector provides many non-bank external finance options as an alternative to bank finance and this paper examines the relationship between UK firms’ choices over bank versus non-bank finance under different monetary conditions. We look at the external finance 'mix' using a panel of 16,000 UK firm records taken from the FAME database for the...
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The recent global financial crisis once again revealed the harmful effects of interest-based contracts in the conventional financial system. Islamic finance, as an alternative financial system, discourages interest rate and debt financing. This paper investigates the effects of two financial systems, namely the conventional and Islamic systems, on macroeconomic variables. To achieve this goal, ...
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This paper assesses the different structures of investment finance in the main EMU member economies, using the BACH database of balance sheet data, aggregated by firm size. Two main sets of results are obtained. First, each country/size class group is characterised using the net sources and uses of finance methodology. The importance of long-term debt as a source of investment finance, and its ...
متن کاملCORPORATE FINANCE WHEN MONETARY POLICY TIGHTENS: HOW DO BANKS AND NON-BANKS AFFECT ACCESS TO CREDIT by
The evolving financial environment facing the corporate sector provides many non-bank external finance options as an alternative to bank finance and this paper examines the relationship between UK firms’ choices over bank versus non-bank finance under different monetary conditions. We look at the external finance 'mix' using a panel of 16,000 UK firm records taken from the FAME database for the...
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ژورنال
عنوان ژورنال: American Economic Review
سال: 2018
ISSN: 0002-8282
DOI: 10.1257/aer.20161048