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Credit Rationing with Heterogeneous Borrowers in Transition Economies: Evidence from Slovakia

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  • Pavel Ciaian

Abstract

This paper investigates the macroeconomic importance of credit rationing and whether banks use characteristics such as ownership structure and institutional type of borrowers in order to regulate the risk of loaned funds. To test this, monthly data for 2000–2002, extracted from the National Bank of Slovakia monetary review, were used. The paper finds that credit rationing was not present during the period analysed, implying that the credit market can be approximated with a typical supply and demand relationship. The second finding of the paper is that intermediaries use the ownership type and institutional form of borrowers to regulate risk.

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File URL: http://www.eeri.eu/documents/wp/EERI_RP_2004_02.pdf
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Bibliographic Info

Paper provided by Economics and Econometrics Research Institute (EERI), Brussels in its series EERI Research Paper Series with number EERI_RP_2004_02.

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Length: 15 pages
Date of creation: Mar 2004
Date of revision:
Handle: RePEc:eei:rpaper:eeri_rp_2004_02

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Keywords: Credit rationing; heterogeneous borrowers; transition countries;

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References

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  1. Lubomir Lizal & Jan Svejnar, 2001. "Investment, Credit Rationing and the Soft Budget Constraint: Evidence from Czech Panel Data," William Davidson Institute Working Papers Series, William Davidson Institute at the University of Michigan 363, William Davidson Institute at the University of Michigan.
  2. Blinder, Alan S, 1987. "Credit Rationing and Effective Supply Failures," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 97(386), pages 327-52, June.
  3. Blinder, Alan S & Stiglitz, Joseph E, 1983. "Money, Credit Constraints, and Economic Activity," American Economic Review, American Economic Association, American Economic Association, vol. 73(2), pages 297-302, May.
  4. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, American Economic Association, vol. 71(3), pages 393-410, June.
  5. Maks Tajnikar, 2001. "Transitional Adjustment of Large Companies in Slovenia and Economic Policy," Post-Communist Economies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 13(3), pages 331-344.
  6. Konings, Jozef & Rizov, Marian & Vandenbussche, Hylke, 2003. "Investment and financial constraints in transition economies: micro evidence from Poland, the Czech Republic, Bulgaria and Romania," Economics Letters, Elsevier, Elsevier, vol. 78(2), pages 253-258, February.
  7. Riley, John G, 1987. "Credit Rationing: A Further Remark [Credit Rationing in Markets with Imperfect Information] [Incentives Effects of Terminations: Applications to the Credit and Labor Markets]," American Economic Review, American Economic Association, American Economic Association, vol. 77(1), pages 224-27, March.
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Cited by:
  1. Drakos, Konstantinos & Giannakopoulos, Nicholas, 2011. "On the determinants of credit rationing: Firm-level evidence from transition countries," Journal of International Money and Finance, Elsevier, Elsevier, vol. 30(8), pages 1773-1790.

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