Corporate Interest Rates and the Financial Accelerator in the Czech Republic

Fidrmuc, Jarko; Horváth, Roman und Horváthová, Eva (5. November 2008): Corporate Interest Rates and the Financial Accelerator in the Czech Republic. Münchener Wirtschaftswissenschaftliche Beiträge (VWL) 2008-23

Abstract

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.

• Dokumententyp: Paper
• Keywords: Monetary policy transmission; balance sheet channel; financial accelerator; corporate interest rates.
• Fakultät: Volkswirtschaft ; Volkswirtschaft > Munich Discussion Papers in Economics ; Volkswirtschaft > Munich Discussion Papers in Economics > Makroökonomik ; Volkswirtschaft > Munich Discussion Papers in Economics > Finanzmärkte ; Volkswirtschaft > Munich Discussion Papers in Economics > Transformationsökonomik
• Themengebiete: 300 Sozialwissenschaften > 300 Sozialwissenschaft, Soziologie ; 300 Sozialwissenschaften > 330 Wirtschaft
• JEL Classification: E43, E32, G32
• Sprache: Englisch

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