An Investigation on the Balance-Sheet Channel in Monetary Transmission Mechanism with Emphasis on the Role of Firms (Case Study of Iran)

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SALAHESH TANAZ; KAZEROONI ALIREZA

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Journal: JOURNAL OF APPLIED THEORIES OF ECONOMICS Year:2019 | Volume:6 | Issue:1 Page(s): 129-148

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Information Journal Paper

Title

An Investigation on the Balance-Sheet Channel in Monetary Transmission Mechanism with Emphasis on the Role of Firms (Case Study of Iran)

Author(s)

SALAHESH TANAZ | KAZEROONI ALIREZA | Issue Writer Certificate

Keywords

Balance-sheet channelQ1

LoansQ2

Financial healthQ1

FirmsQ1

GMMQ1

Abstract

The Balance-sheet channel was introduced after the big financial crises of 2008 and following the inability of the previous channels of monetary transmission mechanism to respond to the economic events. This channel similar to the bank lending channel can be categorized as one of the credit channels and based on the assumption of the inefficient and imperfect markets according to the asymmetric information. This channel sheds light on the important role of the Firms in the transmission of monetary policy to the real economic variables. The financial statements of fifty nonfinancial Firms from 2007 up to 2014 are studied by using the GMM method. In brief, the results indicate the negative and significant effect of the net worth of the Firms and the interaction variable of monetary policy and the interest coverage ratio of the Firms on the received Loans. Therefore the effect of the monetary policy is boosted through the interest coverage ratio. Other findings relative to the macro and external organization factors, indicate the positive impact of the gross domestic product and price index on the received Loans.

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APA: Copy

SALAHESH, TANAZ, & KAZEROONI, ALIREZA. (2019). An Investigation on the Balance-Sheet Channel in Monetary Transmission Mechanism with Emphasis on the Role of Firms (Case Study of Iran). JOURNAL OF APPLIED THEORIES OF ECONOMICS, 6(1 ), 129-148. SID. https://sid.ir/paper/402026/en

Vancouver: Copy

SALAHESH TANAZ, KAZEROONI ALIREZA. An Investigation on the Balance-Sheet Channel in Monetary Transmission Mechanism with Emphasis on the Role of Firms (Case Study of Iran). JOURNAL OF APPLIED THEORIES OF ECONOMICS[Internet]. 2019;6(1 ):129-148. Available from: https://sid.ir/paper/402026/en

IEEE: Copy

TANAZ SALAHESH, and ALIREZA KAZEROONI, “An Investigation on the Balance-Sheet Channel in Monetary Transmission Mechanism with Emphasis on the Role of Firms (Case Study of Iran),” JOURNAL OF APPLIED THEORIES OF ECONOMICS, vol. 6, no. 1 , pp. 129–148, 2019, [Online]. Available: https://sid.ir/paper/402026/en

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