IMF paper looks at Moroccan monetary policy
Findings show balance sheet has significant impact, especially via smaller firms – researchers
Changes in Moroccan monetary policy influences some firms’ access to finance through the balance sheet transmission channel, researchers from the International Monetary Fund find.
Lahcen Bounader and Mohamed Doukali use data from income statement and balance sheets from 58,500 Moroccan firms from 2010–16 to examine firms’ balance sheet responses to policy rate changes.
The research dispels a “widespread view” that the only monetary transmission channel in the economy is through the interest
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