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Was There Evidence of Credit Rationing in the Czech Republic?

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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.

Suggested Citation

  • Anca Pruteanu, 2004. "Was There Evidence of Credit Rationing in the Czech Republic?," Eastern European Economics, Taylor & Francis Journals, vol. 42(5), pages 58-72, September.
  • Handle: RePEc:mes:eaeuec:v:42:y:2004:i:5:p:58-72
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    Cited by:

    1. Martin Pospisil & Jiri Schwarz, 2014. "Bankruptcy, Investment, and Financial Constraints: Evidence from a Post-Transition Economy," Working Papers IES 2014/12, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Apr 2014.
    2. 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.
    3. Cristian-Florin Dănănău, 2015. "A Disequilibrium Model For Lei-Denominated Non-Governmental Credit In Romania," SEA - Practical Application of Science, Fundația Română pentru Inteligența Afacerii, Editorial Department, issue 7, pages 207-214, April.
    4. Jarko Fidrmuc & Roman Horváth & Eva Horváthová, 2010. "Corporate Interest Rates and the Financial Accelerator in the Czech Republic," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 46(4), pages 41-54, January.
    5. Beata S. Javorcik & Mariana Spatareanu, 2008. "Liquidity Constraints and Linkages with Multinationals," Working Papers Rutgers University, Newark 2008-005, Department of Economics, Rutgers University, Newark.
    6. 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.
    7. Brada, Josef C., 2016. "Corporate governance following mass privatization," Journal of Comparative Economics, Elsevier, vol. 44(4), pages 1132-1144.

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