Trade Credit and the Monetary Transmission Mechanism

By Marion Kohler, E. Britton, Anthony D. Yates. 2000

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Trade Credit, Bank Lending and Monetary Policy Transmission (2003, methodology): “Nilsen, 2002; Kohler et al., 2000). In this paper, we tie in a theoretical model with the existing empirical evidence. In our theoretical model we incorporate trade credit and bank loans into a framework that has some similarities with Repullo and Suarez (2000). The existence of imperfections in the”
Credit channel, trade credit channel, and inventory investment: Evidence from a panel of UK firms (2006, background): “…than those of issuing bank loans: suppliers can in fact closely monitor their clients during the normal course of business; they can threaten to cut off future supplies to enforce repayment; and can easily repossess goods in case of failed payment (Petersen and Rajan, 1997; Kohler et al., 2000)5.”
Interest Rate Pass-Through: Empirical Results for the Euro Area (2005, background): “This may be explained by a relatively elastic loan demand, since firms have access to alternative sources of funds, such as trade credit (Kohler et al., 2000) and the corporate bond market (de Bondt, 2002).”