Buffer stock money and pecking order financing: Results from an interview study among Dutch firms

L. de Haan; K.G. Koedijk; J.E.J. de Vrijer

doi:10.1007/BF01431974

Buffer stock money and pecking order financing: Results from an interview study among Dutch firms

L. de Haan, K.G. Koedijk, J.E.J. de Vrijer

Research output: Contribution to Journal › Article › Academic › peer-review

Abstract

In the eighties The Netherlands has recorded a marked increase in the quantity of money. This development was notably attended by a rise in money balances of nonfinancial firms. In an attempt to trace the causes of this development, the Dutch central bank conducted a large-scale survey in 1991. The results corroborate previous econometric research on disaggregate Dutch money demand functions which identifies buffering of profits as the main cause of the increased money holdings by firms. The main contribution of the survey is that it reveals pecking order financing behaviour of firms as an important microeconomic reason for this buffer stock mechanism in firms' money holdings. © 1994 Kluwer Academic Publishers.

Original language	English
Pages (from-to)	287-305
Journal	De Economist
Volume	142
Issue number	3
DOIs	https://doi.org/10.1007/BF01431974
Publication status	Published - Aug 1994
Externally published	Yes

Access to Document

10.1007/BF01431974

Persistent URL (handle)

Persistent link

Cite this

@article{c9f8f953dbb242a493888017f0a006b6,

title = "Buffer stock money and pecking order financing: Results from an interview study among Dutch firms",

abstract = "In the eighties The Netherlands has recorded a marked increase in the quantity of money. This development was notably attended by a rise in money balances of nonfinancial firms. In an attempt to trace the causes of this development, the Dutch central bank conducted a large-scale survey in 1991. The results corroborate previous econometric research on disaggregate Dutch money demand functions which identifies buffering of profits as the main cause of the increased money holdings by firms. The main contribution of the survey is that it reveals pecking order financing behaviour of firms as an important microeconomic reason for this buffer stock mechanism in firms' money holdings. {\textcopyright} 1994 Kluwer Academic Publishers.",

author = "{de Haan}, L. and K.G. Koedijk and {de Vrijer}, J.E.J.",

year = "1994",

month = aug,

doi = "10.1007/BF01431974",

language = "English",

volume = "142",

pages = "287--305",

journal = "De Economist",

issn = "0013-063X",

publisher = "Springer",

number = "3",

}

TY - JOUR

T1 - Buffer stock money and pecking order financing

T2 - Results from an interview study among Dutch firms

AU - de Haan, L.

AU - Koedijk, K.G.

AU - de Vrijer, J.E.J.

PY - 1994/8

Y1 - 1994/8

N2 - In the eighties The Netherlands has recorded a marked increase in the quantity of money. This development was notably attended by a rise in money balances of nonfinancial firms. In an attempt to trace the causes of this development, the Dutch central bank conducted a large-scale survey in 1991. The results corroborate previous econometric research on disaggregate Dutch money demand functions which identifies buffering of profits as the main cause of the increased money holdings by firms. The main contribution of the survey is that it reveals pecking order financing behaviour of firms as an important microeconomic reason for this buffer stock mechanism in firms' money holdings. © 1994 Kluwer Academic Publishers.

AB - In the eighties The Netherlands has recorded a marked increase in the quantity of money. This development was notably attended by a rise in money balances of nonfinancial firms. In an attempt to trace the causes of this development, the Dutch central bank conducted a large-scale survey in 1991. The results corroborate previous econometric research on disaggregate Dutch money demand functions which identifies buffering of profits as the main cause of the increased money holdings by firms. The main contribution of the survey is that it reveals pecking order financing behaviour of firms as an important microeconomic reason for this buffer stock mechanism in firms' money holdings. © 1994 Kluwer Academic Publishers.

U2 - 10.1007/BF01431974

DO - 10.1007/BF01431974

M3 - Article

SN - 0013-063X

VL - 142

SP - 287

EP - 305

JO - De Economist

JF - De Economist

IS - 3

ER -