Firm-level characteristics affect monetary policy transmission, Czechs find
Paper provides evidence of broad credit and relationship lending channels
A working paper from the Czech National Bank examines the role of companies' financial structure in the transmission of monetary policy, finding that some firm-specific characteristics affect the way in which monetary policy changes are reflected in the external financing decisions of firms.
In The impact of monetary policy on financing of Czech firms, Ruslan Aliyev, Dana Hájková and Ivana Kubicová find that higher short-term interest rates coincide with lower shares of total debt, short-term
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