01762cas a2200253 a 4500 AALejournalIMF015988 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513518862 1018-5941 BD-DhAAL BD-DhAAL Bounader, Lahcen. Firm-Level Data and Monetary Policy : The Case of a Middle Income Country / Lahcen Bounader, Mohamed Doukali. Washington, D.C. : International Monetary Fund, 2019. 1 online resource (34 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students We test the existence of the balance sheet channel of monetary policy in a middle-income country. Firm-level data scarcity and quality, in such a context, make the identification of this channel a steep challenge. To circumvent this challenge, we use panel instrumental variables estimation with measurement error to analyze the financial statements of 58 500 Moroccan firms over the period 2010-2016. Our analysis confirms the existence of this channel. It shows that monetary policy has a significant impact on small and medium enterprises' access to banks' financing, and that firm-specific variables are key determinants of firms' financing decisions. Mode of access: Internet Doukali, Mohamed. IMF Working Papers; Working Paper ; No. 2019/239 Full text available on IMF http://elibrary.imf.org/view/journals/001/2019/239/001.2019.issue-239-en.xml IMF e-Library