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  • The credit channel emphasizes the importance of bank lending in the
    monetary transmission mechanism. The existence of the credit channel presumesthat capital markets are imperfect, owing to information asymmetries betweenborrowers and lenders. As a consequence, some borrowers are unable to borrow on he open market without paying large premiums on external finance. Banks specialize in information-intensive loans and are able to reduce the premium for bank dependent borrowers. Monetary policy has real consequences because of its effect on banks’ ability to lend. Open market operations lead to a contraction in reserves and a decrease in funds available for lending. As long as banks face
    imperfections in issuing certificates of deposit (CDs) to offset the contraction in reserves, bank lending must fall. Bank-dependent borrowers, consequently, are forced to seek funds at a much higher cost on the open market--to the extent they are able to obtain funds at all. As a result, spending by bank-dependent borrowers contracts .
    Establishing the basic framework for the extension of business credit is vital to the long term success of any organization regardless of its size. A
    sound credit policy will facilitate greater levels of sales, foster stronger relationships with your customers and above all protect your investment in accounts receivable.
    Some of the key elements to be considered and implemented:
    1. Purpose of the policy. The purpose of the policy should be the
    establishment of the basic framework for governance of the plan. Sub-sections will
    describe in specificity the details of the policy.
    2. Objectives. Metrics should be defined which will provide the basis for
    policy effectiveness.
    3. Credit limit authority. Establish levels of authority varied by sales volume.An organization's risk tolerance should largely determine the thresholds of authority at each level elevating ultimately up to senior financial management and principals. These authority limits should be given thoughtful consideration as improper implementation can unduly delay the credit approval process leading to lost customers and sales.