Was There Evidence of Credit Rationing in the Czech Republic?
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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Volume (Year): 42 (2004)
Issue (Month): 5 (September)
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