{
  "title": "Monetary Policy and Corporate Behavior in India",
  "publication": "IMF Working Papers, February 1, 2005",
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  "summary": "The paper examines the association and corporate behavior for a sample of manufacturing firms in India for the post-reform period 1992-2003.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- Sample and period: manufacturing firms in India for the post-reform period 1992-2003.\n- Main empirical findings:\n  - A contractionary monetary policy lowers overall debt including bank debt.\n  - The lagged response to monetary contraction is positive.\n  - Listed firms increase their short-term bank borrowings after monetary tightening.\n  - The responses of corporates to a monetary contraction in the post-1997 period has been more pronounced.\n- Disaggregated analysis: responses of firms according to size and leverage largely validate the aggregate findings."
    },
    {
      "heading": "Policy implications",
      "content": "- The interest rate transmission channel has strengthened since 1998.\n- Corporates in India, especially listed ones, seem to exhibit relationship lending."
    },
    {
      "heading": "Key statistics and publication metadata",
      "content": "- Publication date: February 1, 2005\n- Pages: 25\n- Volume: 2005\n- Issue: 025\n- Series: Working Paper No. 2005/025\n- DOI: https://doi.org/10.5089/9781451860443.001\n- Stock No: WPIEA2005025\n- ISBN: 9781451860443\n- ISSN: 1018-5941\n- Citation (as presented on the page): International Monetary Fund. \"Monetary Policy and Corporate Behavior in India\", IMF Working Papers 2005, 025 (2005), accessed 9/17/2026, https://doi.org/10.5089/9781451860443.001\n- Subject keywords listed: Bank credit, Banking, Financial statements, Monetary tightening, Stock markets\n- Additional keywords listed: balance sheet, debt ratio, firm-level indicators, governance characteristic, interest rate, WP\n\nInternational Monetary Fund. \"Monetary Policy and Corporate Behavior in India\", IMF Working Papers 2005, 025 (2005), accessed 9/17/2026, https://doi.org/10.5089/9781451860443.001\n\n---\n\n Content in this bundle\n\n- Wp0525\n  - Wp0525 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Wp0525 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/monetary-policy-and-corporate-behavior-in-india-17972"
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    "Published: February 1, 2005",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451860443.001",
    "Sample and period: manufacturing firms in India for the post-reform period 1992-2003.",
    "Main empirical findings:",
    "Disaggregated analysis: responses of firms according to size and leverage largely validate the aggregate findings.",
    "The interest rate transmission channel has strengthened since 1998.",
    "Corporates in India, especially listed ones, seem to exhibit relationship lending.",
    "Publication date: February 1, 2005",
    "Pages: 25",
    "Volume: 2005",
    "Issue: 025",
    "Series: Working Paper No. 2005/025",
    "DOI: https://doi.org/10.5089/9781451860443.001",
    "Stock No: WPIEA2005025",
    "ISBN: 9781451860443",
    "ISSN: 1018-5941",
    "Citation (as presented on the page): International Monetary Fund. \"Monetary Policy and Corporate Behavior in India\", IMF Working Papers 2005, 025 (2005), accessed 9/17/2026, https://doi.org/10.5089/9781451860443.001",
    "Subject keywords listed: Bank credit, Banking, Financial statements, Monetary tightening, Stock markets",
    "Additional keywords listed: balance sheet, debt ratio, firm-level indicators, governance characteristic, interest rate, WP",
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