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| Tekijä: | Angelopoulou, E. Gibson, H.D. |
| Otsikko: | The balance sheet channel of monetary policy transmission: Evidence from the United Kingdom |
| Lehti: | Economica
2009 : OCT, VOL. 76:304, p. 675-703 |
| Asiasana: | monetary policy investment manufacturing companies United Kingdom |
| Kieli: | eng |
| Tiivistelmä: | Using a panel of manufacturing firms in the United Kingdom (U.K.) to deal with the existence of a balance sheet channel, this paper examines the cash flow sensitivity (henceforth as: c-f-s.) of investment. Furthermore, it is examined the extent to which investment becomes more sensitive to cash flow in monetary tightness periods (herein as: m-t-prs.) by using a narrative indicator built for the U.K. It is found that c-f-s. in financially constrained firms is higher during m-t-prs. and that financial constraints deteriorate with financial market sophistication. |
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