Justifiable Thrift or Feverish Animal Spirits: What Stirred the Corporate Credit Crunch in Poland?
AbstractThis paper concerns the problem of corporate credit in Poland and tries to determine the sources of banks’ unexpected hesitance to provide enterprises with additional liquidity, which was observed during the global financial crisis. It differentiates between fundamental and non-fundamental determinants, which – when combined – reconstruct the course of events that led to the slowdown. A special attention is devoted to variables believed to be behavioral and theoretically inconsistent with the conventional belief of how lending activities are coordinated. A structural vector autoregression (SVAR) is run and impulse response functions are produced to provide a numerical support for the developed theoretical framework.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 43674.
Date of creation: Dec 2011
Date of revision:
Corporate credit; credit crunch;
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
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
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