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Monetary policy transmission in Morocco: Evidence from borrowers-level data

Bennouna, Hicham and Chmielewski, Tomasz and Doukali, Mohamed (2019): Monetary policy transmission in Morocco: Evidence from borrowers-level data.

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Abstract

This paper investigates the impact of monetary policy on firms’ liability structure depending on their specific characteristics (size, age, profit, and collateral) over the period 2010 to 2016 using firm-level data. Our results provide evidence that firms borrowing tend to decrease after a restrictive monetary policy, in line with the traditional interest rate channel. We confirm that small and medium firms are more significantly affected by tight monetary policy conditions than large firms, suggesting the existence of the balance sheet channel in Morocco.

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