Detail publikace

Financial Accelerator Effects in the Balance Sheets of Czech Firms

Autor: prof. Roman Horváth Ph.D.,
Typ: IES Working Papers
Rok: 2005
Číslo: 96
ISSN / ISBN:
Publikováno v: IES WP 2005/96
Místo vydání: Prague
Klíčová slova: Monetary policy transmission, interest rates, balance sheet channel, financial accelerator
JEL kódy: G11, G32
Citace:
Granty: Výzkumný záměr IES (2005-2011) Integrace české ekonomiky do Evropské unie a její rozvoj
Abstrakt: In this paper we examine a financial accelerator hypothesis analyzing the determinants of firm-level interest rates. Using a panel of the financial statements of 448 Czech firms in 1996-2002, we find that firm’s balance sheet indicators are important determinant for firm-level interest rates. Indebtness and market access matter in particular. The strength of balance sheets is procyclical. There is also evidence that monetary policy has stronger effects on small firms and during a period of excess demand for credit.
Ke stažení: WP 2005_96 Horvath

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