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Was There Evidence of Credit Rationing in the Czech Republic?

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  • ANCA PRUTEANU

Abstract

This work contributes to the assessment of the credit rationing hypothesis in the Czech Republic. We estimate the demand for, and supply of, new loans denominated in Czech koruna over the period 1:1997-6:2002 in a disequilibrium framework, specifically allowing the interest rate not to necessarily adjust such that demand equals supply. Based on our estimations, we suggest that the market for new loans denominated in Czech koruna was characterized by a state of moderate excess demand, hence credit rationing, only in the period 1:1999-12:2000. The remaining period appears to be characterized by excess supply.

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Bibliographic Info

Article provided by M.E. Sharpe, Inc. in its journal Eastern European Economics.

Volume (Year): 42 (2004)
Issue (Month): 5 (September)
Pages: 58-72

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Handle: RePEc:mes:eaeuec:v:42:y:2004:i:5:p:58-72

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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=106044

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Cited by:
  1. Roman Horváth, 2005. "Financial Accelerator Effects in the Balance Sheets of Czech Firms," Working Papers IES 96, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised 2005.
  2. Annie bellier & Wafa Sayeh & Stéphanie Serve, 2012. "What lies behind credit rationing? A survey of the literature," THEMA Working Papers 2012-39, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
  3. Spatareanu, Mariana & Javorcik, Beata S., 2008. "Liquidity constraints and linkages with multinationals," HWWI Research Papers 2-14, Hamburg Institute of International Economics (HWWI).
  4. Martin Pospisil & Jiri Schwarz, 2014. "Bankruptcy, Investment, and Financial Constraints: Evidence from a Post-Transition Economy," Working Papers 2014/01, Czech National Bank, Research Department.
  5. Fidrmuc, Jarko & Horváth, Roman & Horváthová, Eva, 2008. "Corporate Interest Rates and the Financial Accelerator in the Czech Republic," Discussion Papers in Economics 7191, University of Munich, Department of Economics.

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