FINANCIAL CRISIS AND FINANCING CONSTRAINTS OF SMES IN VISEGRAD COUNTRIES

• Authors: Koráb Petr , Jitka Poměnková
• Languages of publication: EN

Abstracts

EN

The paper investigates the access of small and medium-sized enterprises to external financing during the recent financial crisis via non-parametric density estimation. The kernel density estimation is applied on a firm-level measure of financing constraints and evaluates its distribution on a balanced panel of SMEs. For application and cross-country comparison we use panel data on Limited Liability enterprises in the Czech Republic, Poland, Slovakia and Hungary. Our results reveal asymmetric impact of the financial crisis on the ability of SMEs to secure external financing. We identify that there is no sizeable difference in access to credit of SMEs in Hungary and Poland before and during the crisis. In Slovakia and the Czech Republic our results suggest that firms were more constrained during the crisis and their financing constraints did not largely improve after the end of financial crisis. We argue that economic recession was the driving factor of financing constraints in Slovakia and the Czech Republic.

Keywords

EN

FINANCING CONSTRAINTS; CREDIT CRUNCH; NON-PARAMETRIC ESTIMATION; VISEGRAD COUNTRIES; CRISIS; SMES

• Publisher: Institute of Slovak and World Economics and Institute for Forecasting, Slovak Academy of Sciences
• Journal: Ekonomický časopis (Journal of Economics)
• Year: 2014
• Volume: 62
• Issue: 9
• Pages: 887 – 902

Contributors

author

Koráb Petr

• Mendelova Univerzita v Brně, Zemědělská 1, 613 00 Brno, Czech Republic

author

Jitka Poměnková