Al-Hadi Ahmed, Al-Abri Almukhtar
College of Banking and Financial Studies, Muscat, Oman.
School of Accounting, Curtin Business School, Perth, Western Australia, Australia.
Res Int Bus Finance. 2022 Apr;60:101568. doi: 10.1016/j.ribaf.2021.101568. Epub 2021 Oct 29.
This paper provides preliminary evidence of the effects of fiscal and monetary policies designed to mitigate and contain the adverse economic impacts of COVID-19 on supplier-customer relationships during the first two quarters of 2020. We compare the impacts of various intervention policies on corporate trade credit for a sample of 14,623 firm-quarter observations, representing 56 countries, after controlling for quarter-, country-, industry-, and firm-fixed effects. We find that, overall, the monetary interventions are associated with lower levels of trade credit, while fiscal interventions increase the use of trade credit. Our results suggest that trade credit is lower in periods of less-restrictive bank credit. This finding has important policy implications for governments as they attempt to help financially constrained businesses survive the pandemic.
本文提供了初步证据，证明了2020年前两个季度为减轻和遏制新冠疫情对供应商-客户关系的不利经济影响而制定的财政和货币政策的效果。在控制了季度、国家、行业和公司固定效应后，我们比较了各种干预政策对14623个公司季度观测样本（代表56个国家）的企业贸易信贷的影响。我们发现，总体而言，货币干预与较低水平的贸易信贷相关，而财政干预则增加了贸易信贷的使用。我们的结果表明，在银行信贷限制较少的时期，贸易信贷较低。这一发现对政府在试图帮助资金紧张的企业度过疫情时有重要的政策意义。
