Expansionary monetary policy and corporate investment in an emerging market

Quoc Trung Tran

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Expansionary monetary policy and corporate investment in an emerging market

机译：新兴市场的扩张性货币政策和企业投资

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Purpose - The purpose of this paper is to investigate the effect of monetary loosening on corporate investment in an emerging market. Design/methodology/approach - The paper begins this study by using a dynamic model to investigate the effect of monetary loosening on corporate investment. This paper uses money supply growth as a proxy for monetary loosening, as the State Bank of Vietnam relies mainly on a quantity-based policy. Next, this paper continues to analyze whether cash holdings are able to mitigate this effect. Finally, this paper examines the effect of monetary loosening on investment smoothing and the mitigating role of cash holding. The research sample includes 4,868 from 617 firms. This paper uses different regression techniques (i.e. pooled ordinary least squares clustered by firm, fixed effects, random effects and system generalized method of moments). Findings - The research findings show that money supply growth is positively related to both corporate investment and investment smoothing. The effect of monetary loosening on corporate investment is mitigated by corporate cash holding. Moreover, this paper finds that the mitigating effect of cash holdings is stronger for financially constrained firms and non-state-owned enterprises. Originality/value - Prior studies only focus on corporate investment under-tightening monetary policy; however, there is no research on firm investment under monetary loosening in an emerging market.

机译：目的 - 本文的目的是调查货币松动对新兴市场企业投资的影响。设计/方法/方法 - 本文通过使用动态模型来研究货币松动对企业投资的影响。本文采用货币供应增长作为货币宽松的代理，因为越南国家银行主要依赖于基于数量的政策。接下来，本文继续分析现金持股是否能够减轻这种效果。最后，本文探讨了货币松动对投资平滑的影响以及现金持有的减轻作用。研究样本包括来自617家公司的4,868件。本文采用不同的回归技术（即汇集普通的最小二乘群，通过坚定，固定效果，随机效应和系统普遍的时刻方法）。结果 - 研究结果表明，金钱供应增长与企业投资和投资平滑有关。通过公司现金持有减轻货币宽松对企业投资的影响。此外，本文发现，财务限制公司和非国有企业的现金持有的减轻效果更强。原创性/价值 - 先前的研究只关注企业投资欠紧缩货币政策;但是，在新兴市场储蓄下，没有公司投资的研究。

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来源
《Journal of Financial Economic Policy》 |2021年第2期|239-255|共17页
作者
Quoc Trung Tran;
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作者单位

Foreign Trade University Ho Chi Minh City Campus Ho Chi Minh City Vietnam;

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原文格式 PDF
正文语种 eng
中图分类
关键词
Corporate investment; Emerging market; Monetary policy;

机译：企业投资;新兴市场;货币政策;

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3. Dependence of the 'Fragile Five' and "Troubled Ten" emerging market financial systems on US monetary policy and monetary policy uncertainty [J] . Chadwick Meltem Gulenay Research in International Business and Finance . 2019,第OCTa期

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7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Expansionary monetary policy and corporate investment in an emerging market

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