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

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Author Info
Pavel Ciaian

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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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Publisher Info
Paper provided by Economics and Econometrics Research Institute (EERI) 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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Related research
Keywords: Credit rationing; heterogeneous borrowers; transition countries;

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Find related papers by JEL classification:
E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
P24 - Economic Systems - - Socialist Systems and Transition Economies - - - National Income, Product, and Expenditure; Money; Inflation

References listed on IDEAS
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  1. 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, vol. 78(2), pages 253-258, February. [Downloadable!] (restricted)
  2. Alan S. Blinder & Joseph E. Stiglitz, 1983. "Money, Credit Constraints, and Economic Activity," NBER Working Papers 1084, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Lubomir Lizal & Jan Svejnar, 2001. "Investment, Credit Rationing and the Soft Budget Constraint: Evidence from Czech Panel Data," William Davidson Institute Working Papers Series 363, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
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  4. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June. [Downloadable!] (restricted)
  5. Blinder, Alan S, 1987. "Credit Rationing and Effective Supply Failures," Economic Journal, Royal Economic Society, vol. 97(386), pages 327-52, June. [Downloadable!] (restricted)
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  6. Maks Tajnikar, 2001. "Transitional Adjustment of Large Companies in Slovenia and Economic Policy," Post-Communist Economies, Taylor and Francis Journals, vol. 13(3), pages 331-344, September. [Downloadable!] (restricted)
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