Tightening monetary policy

Using the data-set of 200 non-financial companies listed on HOSE and HNX for the period 2007 - 2016, this paper examines the effect of bank financing on corporate investment behavior and the extent to which bank financing affects corporate investment behavior in different monetary policy periods. By applying GMM method, the results find that company with more bank financing will reduce the proportion of investment, and in comparison with the period of loosening monetary policy, company tend to reduce its investments by bank loans in the period of tightening monetary policy.

12p vijihyo2711 25-09-2021 12 1   Download

Using the financial data of A-share listed companies in 2003-2018, this paper studies the maturity mismatch of investment and financing in China based on the sensitivity of investment to change of short-term loans. This study finds that corporate investment relies on short-term loans rather than long-term loans, so the maturity mismatch of investment and financing is widespread. In addition, we examine the mechanism of the heterogeneity between state-owned enterprises and private enterprises.

1p chauchaungayxua2 19-01-2020 11 2   Download

With regard to the interest rate environment, we expect that the ECB will continue to raise key rates in the near future. There are several reasons why the ECB will tighten policy somewhat. One is that inflation has remained above the target for a long time, albeit moderately, and in the recent survey reported by the ECB inflation forecasts were raised slightly compared to the previous one. Also, the monetary overhang, which the ECB interprets as one leading indicator for future inflation, increased further due to persistently high money growth.

33p hoangphiyeah1tv 18-04-2013 59 6   Download

Bulgaria’s difficult transition from plan to market was marked by persistent macroeconomic and financial instability leading to a major economic collapse in 1996-1997. In 1997 a currency board arrangement (CBA) was established as a “policy of last resort” with the aim to impose fiscal and financial discipline. The change in the monetary regime was accompanied by a comprehensive package of policy reforms affecting not only the macroeconomic but also the institutional environment and the functioning of the financial system.

36p enterroi 01-02-2013 52 3   Download

The international dimensions of credit growth pose specific policy challenges (Borio et al (2011)). First, in economies experiencing booms, international credit often complicates the job of domestic authorities who seek to monitor and to constrain credit. For example, domestic authorities have several tools to slow the growth of credit extended by banks within their jurisdiction. But short of capital controls, the tools to measure, much less to control, credit extended by institutions outside the country are limited.

12p enter1cai 12-01-2013 47 3   Download

A third consecutive year of 8%-plus growth was led by strong expansion of investment and consumption. The rapid growth has strained resources, as shown by a surge in imports, infrastructure bottlenecks, skilled-labor shortages, and inflation, which accelerated to over 19% year on year by March 2008. The authorities have tightened monetary policy and allowed some exchange rate flexibility to rein in price rises, and are initiating fiscal measures. These steps, plus weaker external demand, should pull back growth this year. In 2009, inflation is expected to moderate and GDP growth pick up.

7p nv_tien 20-03-2009 353 81   Download