Differential cash constraints, financial leverage and the demand for money: Evidence from a complete panel of Taiwanese firms

被引：8

作者：

Liu, Jin-Tan ^{[1
,2
]}

Tsou, Meng-Wen ^{[3
]}

Wang, Ping ^{[1
,4
]}

机构：

[1] NBER, Cambridge, MA 02138 USA

[2] Natl Taiwan Univ, Taipei 10764, Taiwan

[3] Tamkang Univ, Tamsui, Taiwan

[4] Washington Univ, Dept Econ, St Louis, MO 63130 USA

来源：

JOURNAL OF MACROECONOMICS | 2008年 / 30卷 / 01期

关键词：

firms' transactions use of money; financial structure; panel data estimation;

D O I：

10.1016/j.jmacro.2007.01.002

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper studies firms' demand for money by developing a differential-cash-constraint framework with firms' entire wage bills requiring cash in advance and a fraction of investment purchases being financed by credits. In addition to conventional scale and opportunity-cost factors, firms' financial status and profitability are crucial determinants for their money demand behavior. Employing a new data set consisting of a panel of Taiwanese firms over 1990-97, our econometric analysis lends empirical support to our theory. The estimates suggest that economies of scale in firms' cash management are present and that lower financial leverage or higher profitability raises money demand significantly. (c) 2007 Elsevier Inc. All rights reserved.

引用

页码：523 / 542

页数：20

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