Monetary loosening and cash holdings: Evidence from an emerging market

被引：6
|
作者：
Quoc Trung Tran [1 ]
机构：
[1] Foreign Trade Univ, Ho Chi Minh City Campus,15 D5 St,Ward 25, Ho Chi Minh City, Vietnam
来源：
FINANCE RESEARCH LETTERS | 2020年 / 36卷
关键词：
Monetary policy; Cash holding; Emerging market; FLOW SENSITIVITY; CORPORATE; FIRMS; DETERMINANTS; INFORMATION; POLICY;
D O I：
10.1016/j.frl.2019.101312
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Vietnamese government consistently pursues an expansionary policy during the period from 2007 to 2017. In addition, as an emerging market, Vietnam monetary policy relies mainly on quantity-based mechanism. We investigate the effect of monetary expansion on corporate cash holdings in Vietnamese stock market. We argue that monetary loosening negatively affects cash holdings via both precautionary and transaction cost motives. With a sample of 4,503 observations from 751 firms, we find that money supply growth is negatively related to cash holdings, cash-cash flow sensitivity and value of cash.
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页数：8
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