Fixed investment, liquidity constraint, and monetary policy: Evidence from Japanese manufacturing firm panel data

被引：18
|
作者：
Masuda, Koichi [1 ]
机构：
[1] Chuo Univ, Fac Econ, Hachioji, Tokyo 1920393, Japan
来源：
JAPAN AND THE WORLD ECONOMY | 2015年 / 33卷
关键词：
Monetary policy shock; Real fixed investment; Net worth; BALANCE-SHEET; TRANSMISSION; CREDIT; FLUCTUATIONS; CHANNEL; CYCLES; ZERO;
D O I：
10.1016/j.japwor.2015.01.001
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We empirically analyze the effects of monetary policy shocks on real fixed investment using panel data on Japanese manufacturing firms to examine the existence of a balance sheet channel. We find that contractionary monetary policy statistically significantly increases the firms' liquidity constraint. Especially, the smaller the firm size, the greater the effects of contractionary monetary policy. Therefore, our estimation results support the presence of a balance sheet channel. In addition, the firms' liquidity constraint decreases significantly during quantitative monetary easing policy (QMEP) period. Specifically, QMEP relaxes the liquidity constraint of large firms. Our evidence suggests that QMEP transmission works through the balance sheet channel and affects the real economy. (C) 2015 Elsevier B.V. All rights reserved.
引用
下载
收藏
页码：11 / 19
页数：9
相关论文
共 50 条
  • [21] Debt service, financing constraints, and fixed investment: evidence from panel data
    Ndikumana, L
    JOURNAL OF POST KEYNESIAN ECONOMICS, 1999, 21 (03) : 455 - 478
  • [22] Firm investment in transition - Evidence from Romanian manufacturing
    Rizov, M
    ECONOMICS OF TRANSITION, 2004, 12 (04) : 721 - 746
  • [23] Investment, credit rationing, and the soft budget constraint:: Evidence from Czech panel data
    Lízal, L
    Svejnar, J
    REVIEW OF ECONOMICS AND STATISTICS, 2002, 84 (02) : 353 - 370
  • [24] Monetary Policy Adjustment, Corporate Investment, and Stock Liquidity-Empirical Evidence from Chinese Stock Market
    Zhang, Huaping
    Ye, Jianhua
    Wei, Feifei
    Kashif, Rafique
    Cao, Ceyuan
    EMERGING MARKETS FINANCE AND TRADE, 2019, 55 (13) : 3023 - 3038
  • [25] Determinants of Business Fixed Investment: Evidence from German Firm-Level Data
    Buettner, Thiess
    Hoenig, Anja
    JAHRBUCHER FUR NATIONALOKONOMIE UND STATISTIK, 2016, 236 (05): : 533 - 556
  • [26] Firm size and monetary policy transmission - Evidence from German business survey data
    Ehrmann, M
    IFO SURVEY DATA IN BUSINESS CYCLE AND MONETARY POLICY ANALYSIS, 2005, : 145 - 172
  • [27] Firm characteristics, financial composition and response to monetary policy Evidence from Indian data
    Ghosh, Saibal
    JOURNAL OF INDIAN BUSINESS RESEARCH, 2010, 2 (04) : 198 - 215
  • [28] Measuring of Firm Specific Productivities: Evidence from Japanese Plant Level Panel Data
    Ichimura, H.
    Konishi, Y.
    Nishiyama, Y.
    MODSIM 2007: INTERNATIONAL CONGRESS ON MODELLING AND SIMULATION: LAND, WATER AND ENVIRONMENTAL MANAGEMENT: INTEGRATED SYSTEMS FOR SUSTAINABILITY, 2007, : 1075 - 1081
  • [29] Monetary Policy, Business Liquidity and Survival: Evidence from the Refinancing Channel
    Liu, Haoyang
    Parker, Dean
    Ramcharan, Rodney
    REVIEW OF FINANCIAL STUDIES, 2023, 36 (09): : 3738 - 3780
  • [30] Impact of Monetary Policy on Private Investment: Evidence from Vietnam's Provincial Data
    Dang, Thuy T.
    Pham, Anh D.
    Tran, Diem N.
    ECONOMIES, 2020, 8 (03)
12345