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Firms’ debt structure matters for monetary policy transmission

Post No.351. ECB conventional monetary policy (CMP) and bond liquidity (BL) shocks affect French firms’ investment. The strength of the impact depends on firms’ debt structure: bank-reliant firms reduce investment relatively more after interest rates hikes than after contractionary bond liquidity shocks.

5 April 2024

The Banque de France is at your service

At your service | Businesses

Help and support for company directors

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At your service | Banque de France

Design and manufacture of banknote paper and banknotes

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Statistics

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Eco Notepad 11 April 2024

Public-guaranteed loans and bank risk-taking

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ABC de l’économie

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At your service | Banque de France

Discover the International Banking and Finance Institute

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Report 22 March 2023

Banque de France Annual Report 2022

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3-minute guide to monetary strategy

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Climate change

What is the Banque de France doing to combat global warming?

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Focus

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Banknotes

The Banque de France is a key player in the cash industry and works with its customers to modernise the sector
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Climate

The Bank supports and adds to collective initiatives to combat global warming
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