기업의 예비적 현금보유가 경기침체에 미치는 영향

This study is an interdisciplinary and comprehensive research of traditional corporate finance and money-banking. The purpose of this study focuses on analyses how the firm sector’s precautionary cash holding affects the credit crunch and tight transaction, then explains how these firms’ behaviors influence the economic recession. If the interest rate channel of monetary policy could not work well and low standard interest rate causes tremendously high cash demand (i.e. money demand) of private corporate sector, the low rate would make recession regime be more persistent through the money multiplier and/or velocity of money with much low level. Major findings show that easing on credit crunch and active transaction augments industrial production with statistical high significance. Also, the expansionary monetary policy through base money would have more significant effect rather than the standard rate on the industrial production. The empirical result shows that firms have tendency to stack more cash from cash flows under precautionary perspective. However, there does not exist a statistically significant relationship between the precautionary cash holding propensity and the money multiplier or velocity of money. Nonetheless, we should consider the limitation of micro-numerosity problem. These results implies partly that the guantitative easing of central bank is better solution than the base rate during the economic recession with high level uncertainty.