Monetary policy and corporate liquid asset demand /

Monetary policy and corporate liquid asset demand /

Saved in:

Bibliographic Details
Author / Creator:	Choi, Woon Gyu, 1960-
Imprint:	[Washington, D.C.] : International Monetary Fund, IMF Institute, ©2001.
Description:	1 online resource (40 pages)
Language:	English
Series:	IMF working paper, 2227-8885 ; WP/01/177 IMF working paper ; WP/01/177.
Subject:	Monetary policy -- Econometric models. Liquid assets -- Econometric models. Liquidity (Economics) -- Econometric models. Corporations -- Finance -- Econometric models. Corporations -- Finance -- Econometric models. Liquidity (Economics) -- Econometric models. Monetary policy -- Econometric models.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12497596

Hidden Bibliographic Details
Other authors / contributors:	Kim, Yungsan. International Monetary Fund. IMF Institute.
ISBN:	1451904231 9781451904239 1462358934 9781462358939 1452782474 9781452782478 1282108603 9781282108608 9786613801951 661380195X
Notes:	Includes bibliographical references (pages 37-40). Restrictions unspecified Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010. Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 English. digitized 2010 HathiTrust Digital Library committed to preserve Print version record.
Summary:	In contrast to conventional money demand literature, this paper proposes that monetary policy affects corporate liquidity demand directly through a separate channel-what we call "the loan commitment channel." Upon persistent monetary policy shocks, firms make substitutions between sources of funds for intertemporal liquidity management, taking advantage of loan commitments and sluggish movements in loan rates. To test this proposition, we estimate corporate liquidity demand, controlling for firm characteristics, using U.S. quarterly panel data. The results indicate that when monetary policy is tightened, S & P 500 firms initially increase their liquid assets before reducing them, whereas non-S & P firms reduce them more quickly
Other form:	Print version: Choi, Woon Gyu, 1960- Monetary policy and corporate liquid asset demand. [Washington, D.C.] : International Monetary Fund, IMF Institute, ©2001
Standard no.:	10.5089/9781451904239.001

Description
Summary:	In contrast to conventional money demand literature, this paper proposes that monetary policy affects corporate liquidity demand directly through a separate channel-what we call "the loan commitment channel." Upon persistent monetary policy shocks, firms make substitutions between sources of funds for intertemporal liquidity management, taking advantage of loan commitments and sluggish movements in loan rates. To test this proposition, we estimate corporate liquidity demand, controlling for firm characteristics, using U.S. quarterly panel data. The results indicate that when monetary policy is tightened, S&P 500 firms initially increase their liquid assets before reducing them, whereas non-S&P firms reduce them more quickly.
Physical Description:	1 online resource (40 pages)
Format:	Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Bibliography:	Includes bibliographical references (pages 37-40).
ISBN:	1451904231 9781451904239 1462358934 9781462358939 1452782474 9781452782478 1282108603 9781282108608 9786613801951 661380195X
ISSN:	2227-8885 ;