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Short-term Finance, Long-term Effects: Theory and Evidence from Morocco

Author

Listed:
  • Benhima , Kenza

    (Department of Economics, University of Lausanne.)

  • Chafik, Omar

    (Bank Al-Maghrib, Département de la Recherche)

  • Fang, Min

    (Department of Economics, University of Lausanne.)

  • Tang, Wenxia

    (Department of Economics, University of Lausanne.)

Abstract

Nous étudions l’effet des programmes de garantie des crédits de fonds de roulement sur la croissance des entreprises et leurs implications globales. En utilisant des données microéconomiques sur des entreprises marocaines, nous montrons que les entreprises bénéficiant de garanties sur des crédits bancaires à court terme diminuent leur ratio de trésorerie et augmentent leur production de manière homogène et persistante. Nous montrons également qu’il existe une relation en forme de cloche entre le taux de participation au programme de garantie et la taille des entreprises. Nous reposant sur ces résultats pour construire un modèle avec entreprises hétérogènes et des contraintes de garantie et de fonds de roulement. Premièrement, nous montrons que si l’assouplissement des contraintes de collatéral par le programme de garantie a toujours un effet positif à court terme sur la croissance de l’entreprise, car les entreprises réaffectent les liquidités au capital, les effets persistants dépendent de l’existence et de l’ampleur des distorsions intertemporelles. Deuxièmement, le taux de participation non monotone en forme de cloche est expliqué par la combinaison entre le coût de participation fixe et le collatéral dépendant de la taille de l’entreprise. Ainsi, l’interaction de la contrainte du collatéral avec ces deux frictions reste cruciale pour déterminer l’e et global du programme de garantie. Dans ce sens, nous montrons que les gains de croissance et de bien-être pouvant résulter de l’expansion du programme de garantie, à travers une augmentation du montant garanti ou à travers un coût de participation plus faible, seraient substantiels, avec la première mesure générant relativement plus de croissance et une plus large participation.

Suggested Citation

  • Benhima , Kenza & Chafik, Omar & Fang, Min & Tang, Wenxia, 2023. "Short-term Finance, Long-term Effects: Theory and Evidence from Morocco," Document de travail 2023-1, Bank Al-Maghrib, Département de la Recherche.
    • Handle: RePEc:ris:bkamdt:2023_001
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    References listed on IDEAS

    as
    1. Marco Caliendo & Sabine Kopeinig, 2008. "Some Practical Guidance For The Implementation Of Propensity Score Matching," Journal of Economic Surveys, Wiley Blackwell, vol. 22(1), pages 31-72, February.
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    More about this item

    Keywords

    contraintes du collatérale; frictions financières; dynamique d’entreprise; financement des PME.;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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