چکیده:
his paper investigates the effect of monetary policy on the distribution of economic activity and agglomeration economies within a country. The considered channel for this effectiveness is the availability of credit to firms in various regions and the effects on the labor and consumer welfare. For this purpose, data for manufacturing firms located in 30 different provinces in Iran during 2007 and 2014 gathered. The empirical results from spatial panel data show that beside conventional channel of effectiveness through consumer and labor force utility function, regional monetary policy implication through uneven distribution of regional loanable banking fund seems to be substantial centripetal force. In terms of most well-known NEG variable, uneven regional accessibility of credit market has opposite regional implication as trade freeness. While the former leads to more concentration of economic activity across space, the latter tends to drive dispersion. It is assumable that monetary policy reduce the impact of credit constraints on firms but the degree of credit availability in regions is a significant driver for concentration of economic activity. The result shows the importance of accessibility to banking loans on distribution of economic activities within the country
خلاصه ماشینی:
High degree of spatial concentration in the financial market in developed and metropolitan areas (Palmberg, 2012) faced firms in less developed areas with critical performance challenges as informational disadvantages (Danielson and Scott; 2004, Petersen and Rajan; 1994, 1997), limited source and higher cost of borrowing (Arena and Dewally, 2012; Smith, 1987; Petersen and Rajan, 1994), higher risk of asset substitutions (Leland and Pyle, 1977), and inflexibility of capital structure, sub-optimally lower leverage ratio (Arena and Dewally, 2012; Mayers, 1977), lead them to have a poorer performance and will change to a significant obstacle to their expansion, join new markets and export orientation production (Fauceglia, 2015).
2. Literature Although financial economics literature provides limited insight on the relationship between firm’s geographical location and capital structure and credit accessibility (Arena and Dewally, 2012), empirical evidence shows that there is a significant interplay among geographical location and structure and amount of financial funds available to firms (Coval and Moskowitz, 1999; Grinblatt and Keloharju, 2001; Loughran and Schultz, 2005; Malloy, 2005; Loughran, 2008).
3. Econometric Model and Data Explanation The model adopts the following form: رجوع شود به تصویر صفحه ��� (13) Where (��) is the various index of agglomeration, (���) monetary policy stance and availability of credit, (�) regional manufacturing wage rate, (��) regional consumer price index, (��) regional share of transport and communication vale added as an index of freeness of trade, (���) regional GDP per capita to capture the market size effect, (��) regional human capital quality, (��) regional government budget and (��) is an index for urban development.