NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Mariassunta Giannetti

Department of Finance
Stockholm School of Economics
Box 6501
SE-113 83 Stockholm
Sweden
Tel: +4687369607
Fax: +46-8-316422

E-Mail: mariassunta.giannetti@hhs.se
Institutional Affiliation: Stockholm School of Economics

NBER Working Papers and Publications

May 2020Trade Credit and the Transmission of Unconventional Monetary Policy
with Manuel Adelino, Miguel A. Ferreira, Pedro Pires: w27077
We show that trade credit in production networks is important for the transmission of unconventional monetary policy. We find that firms with bonds eligible for purchase under the European Central Bank’s Corporate Sector Purchase Program act as financial intermediaries and extend more trade credit to their customers. The increase in trade credit flows is more pronounced from core countries to periphery countries and towards financially constrained customers. Customers increase investment and employment in response to the additional financing, while suppliers with eligible bonds increase their customer base, potentially favoring upstream industry concentration. Our findings suggest that the trade credit channel of monetary policy produces heterogeneous effects on regions, industries, and fi...
September 2007Social Interactions and Entrepreneurial Activity
with Andrei Simonov
in Entrepreneurship: Strategy and Structure, Thomas Hellman and Scott Stern, editors
 
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