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Cover Art
Author Kim, Yungsan.

Title Trade Credit and the Effect of Macro-Financial Shocks [electronic resource] : Evidence From U.S. Panel Data / Yungsan Kim.

Published Washington, D.C. : International Monetary Fund, 2003.


Location Call No. Status
Physical description 1 online resource (34 p.)
Series IMF Working Papers; Working Paper ; No. 03/127
IMF Working Papers; Working Paper ; No. 03/127
Summary Many studies examine why firms are financed by their suppliers, but few empirical studies look at the macroeconomic implications of such financial arrangements. Using disaggregated panel data, we examine how firms extend and use trade credit. We find that, controlling for the transactions or asset management motive, both accounts payable and receivable increase with tighter policy, implying that trade credit helps firms absorb the effect of a credit contraction. A comparison of S and P 500 firms with smaller firms, however, provides no evidence that when policy is tightened, large firms play the role of credit suppliers more actively than small firms.
Notes Description based on print version record.
Other author Choi, Woon Gyu.
Kim, Yungsan.
Subject Accounts Payable
Accounts Receivable
Credit Channel
External Financing
Financial Markets and the Macroeconomy
Panel Data
ISBN 1451855001 : 15.00 USD
ISSN 1018-5941
Standard Number 10.5089/9781451855005.001