Erschienen in:IMF Working Paper, Vol. , pp. 1-28, 2003
Umfang:
1 Online-Ressource (28 p)
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Nicht zu entscheiden
DOI:
10.2139/ssrn.880196
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Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 2003 erstellt
Beschreibung:
The paper examines micro data on Italian manufacturing firms` inventory behavior to test the Meltzer (1960) hypothesis according to which firms substitute trade credit for bank credit during periods of monetary tightening. It finds that their inventory investment is constrained by the availability of trade credit. As for the magnitude of the substitution effect, however, this study finds that it is not sizable. This is in line with the micro theories of trade credit and the evidence on actual firm practices, according to which credit terms display modest variations over time