|Fidrmuc, Jarko and Horváth, Roman and Horváthová, Eva (2008): Corporate Interest Rates and the Financial Accelerator in the Czech Republic. Discussion Papers in Economics 2008-23|
We analyze the determinants of the corporate interest rates and the financial accelerator in the Czech Republic. Using a unique panel of 448 Czech firms from 1996 to 2002, we find that selected balance sheet indicators influence significantly the firm-specific interest rates. In particular, debt structure and cash flow have significant effects on interest rates, while indicators on collateral play no significant role. We find evidence that monetary policy has stronger effects on smaller firms than on medium and larger firms. Finally, we find no asymmetric effects in the monetary policy over the business cycle.
|Item Type:||Paper (Discussion Paper)|
|Keywords:||Monetary policy transmission; balance sheet channel; financial accelerator; corporate interest rates.|
Economics > Discussion Papers in Economics
Economics > Discussion Papers in Economics > Macro-Economics
Economics > Discussion Papers in Economics > Financial Markets
Economics > Discussion Papers in Economics > Transition Economics
|Subjects:||300 Social sciences > 300 Social sciences, sociology and anthropology|
300 Social sciences > 330 Economics
|JEL Classification:||E43, E32, G32|
|Deposited On:||07. Nov 2008 19:56|
|Last Modified:||27. Nov 2013 14:54|
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