INTER‐INDUSTRY DIFFERENCES IN THE RESPONSE OF TRADE CREDIT TO CHANGES IN MONETARY POLICY
利用大企业数据，检验贸易信贷与货币政策的关系，发现不同行业间存在显著差异，且紧缩货币政策并未被净贸易信贷扩张所抵消。
Trade Credit is an important source of finance for firms and with increasing emphasis being placed on monetary policy in recent years in many western countries it is important to examine thk relationship between trade credit and monetary policy. This study uses a large firm‐based data series to examine various hypotheses concerning the impact and determination of trade credit flows. The study demonstrates significant differences in the exogenous variables across industries and casts considerable doubt on the validity of earlier aggregated studies of the issue. It is also found that whilst there are dif‐ ferences between industries, tight monetary policy does not seem to be offset by an extension of net trade credit.