欧洲央行-非金融公司的货币需求.pdfVIP

WorkingPaperSeries

LucaNocciolaMoneydemandbynon-financial

corporations

No3182

Disclaimer:ThispapershouldnotbereportedasrepresentingtheviewsoftheEuropeanCentralBank

(ECB).TheviewsexpressedarethoseoftheauthorsanddonotnecessarilyreflectthoseoftheECB.

Abstract

WedocumentempiricallythemoneydemandbyEuropeannon-financialcorporationsby

exploitingauniqueandbrand-newsurveyontheircashusageinastressperiod.Wealso

assess:(i)therelationbetweencashheldandfirmsize;and(ii)estimatepointvaluesofcash

holdingsandcarryoutstatisticalcomparisonsalongthesectoralandcountrydimensions.

First,wefindthatcashholdingsareinverselyrelatedtofirmsize,providingadditionalevi-

dencethatSmallandMediumEnterprises(SMEs)tendtostoremorecashrelativetotheir

largerpeers.Second,wefindthatcash-intensivesectorsand”cash-friendly”countriesdis-

playright-shifteddistributionsofcashholdingswithstatistically-significantlargeraverage

holdings.Wearguethatinalowinterestrateandlowinflationenvironmentcashholdings

serveasastoreofvalueforEuropeanfirms,inparticularforSMEswhicharemorelikelyto

befinanciallyconstrained,especiallyincrisistimes.

Keywords:Monetaryeconomics;Cashdemand;Storeofvalue;Precautionarysavings;Fi-

nancialcrisis

JELclassification:D22,D25,E41,G01,G32

ECBWorkingPaperSeriesNo31821

Non-technicalsummary

Severalarticlesandsurveysdocumentthestore-of