중동부유럽
연구정보
[경제] Monetary Policy and Market Competition: Is Europe Different?
중동부유럽 일반 국외연구자료 연구보고서 - CEPR 발간일 : 2023-06-19 등록일 : 2023-07-09 원문링크
We study how monetary policy affects market competition in the euro area. Based on a sample of over 1.4 million firms, we show that when monetary conditions ease (tighten), smaller firms' sales and profit margins increase (decline) relative to medium and large firms. The underlying mechanism is an increase (decline) in long-term debt, investment, and employment by small firms following lower policy rates. The effect is stronger in local markets with higher bank competition. Contrasting recent evidence for the US, our results suggest that monetary easing can strengthen market competition and productivity in a bank-based economy, and highlight the role of financial factors in underpinning this relation. We rationalize these findings by theorizing firm-size-dependent access to external debt financing.
본 페이지에 등재된 자료는 운영기관(KIEP) 및 EMERiCs의 공식적인 입장을 대변하고 있지 않습니다.
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