English, Article, Journal or magazine article edition: Financial pressure, monetary policy effects and inventory adjustment by UK and Spanish firms Andrew Benito

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Bookmark: http://trove.nla.gov.au/version/158007
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Financial pressure, monetary policy effects and inventory adjustment by UK and Spanish firms
Author
  • Andrew Benito
Physical Description
  • preprint
Notes
  • This paper examines the adjustment of inventories by firms in the UK and Spain. A widely-held view—but one which has not found much support in previous studies of inventories— is that a key channel for monetary policy is through influencing inventory accumulation. Using a large company-level panel dataset for both countries, significant effects associated with borrowing costs on inventories are estimated. Financial effects associated with liquidity and the borrowing ratio are estimated to be weaker in Spain than in the UK. Since the Spanish financial system is more clearly bank-based, this is interpreted as contrary to the ‘bank-dependence hypothesis’.
  • Inventories; financial pressure; business cycles
  • RePEc:bde:wpaper:0226
Language
  • English
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