神戸大学金融研究会
神戸大学金融研究会9月例会
Monetary Economics Seminar of Kobe University
第578回
科研基盤研究（A) 「地方創生を支える創業ファイナンスに関する研究」/ Monetary Economics Workshop共催
Jointly supported by Grant-in-Aid for Scientific Research (A) and Monetary Economics Workshop
| 日時 Date&Time |
2019年9月28日（土）16:30～18:00 |
|---|---|
| 会場 Place |
経営学研究科 大会議室（本館3階） Big Meeting Room at Graduate School of Business Administration (Main Building, 3rd Floor) |
| 対象 Intended Audience |
基本的に会員制の研究会ですが、非会員で関心のある方の参加も歓迎します。 The seminar is primarily for the workshop members. But non-members are also welcome to attend. |
| 使用言語 Language |
英語 English |
| 備考 Note |
開催案内チラシ [PDF, 150KB] 報告資料はこちらから，ダウンロードし当日ご持参ください。[PDF, 353KB] Please download the handouts here. |
16:30 ～ 18:00 (4:30pm-6:00pm )
- 論題
Topic - Unconventional Monetary Policy and SME Expectations of Future Credit Availability
- 報告者
Speaker - Gregory F. UDELL
(Kelley School of Business, Indiana University) - 概要
Abstract - We study the impact of the announcement of the ECB's Outright Monetary Transactions Program on small firms' expectations about the availability of future financing through credit markets. We find that following the announcement, firms' expectations improved throughout the Euro Area. Importantly, expectations improved significantly more for firms borrowing from banks with high balance sheet exposures to impaired sovereign debt. We also find that firms expecting the availability of bank credit to improve in the future invest more and engage in more product innovation, suggesting that unconventional monetary policy can stimulate the real economy through a credit-access-expectations channel.