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1

THE COMPARISON OF CREDIT SUBSIDIES AND GUARANTEES IN TRANSITION AND POST-TRANSITION ECONOMIES

100%
Janda K.
Ekonomický časopis (Journal of Economics)
|
2005
|
vol. 53
|
issue 4
383-398
EN
We compare the welfare effects of government credit subsidies and guarantees in transition and post-transition economies in the conditions of asymmetric information. We show that the guarantees and subsidies targeted to low risk borrowers decrease efficiency while those targeted to high risk borrowers increase efficiency both in transition and post-transition economies. The uniform non-targeted guarantees improve welfare. The uniform subsidies may be used to improve welfare in the economy subjected to credit rationing, but they do not have any effect on the size of collateral required in post-transition economy.
2

PERFORMANCE OF MICROFINANCE INVESTMENT VEHICLES

63%
Janda K., Svárovská B.
Ekonomický časopis (Journal of Economics)
|
2013
|
vol. 61
|
issue 1
47 – 66
EN
In this article we introduce microfinance investment funds as financially viable socially responsible investment. We provide a brief overview of the microfinance investment funds that are the most relevant to a commercially oriented investor who is besides the socially responsible aspect of this type of investment interested in the financial benefits of the inclusion of these funds into his personal investment portfolio. In regard to the dependence of returns of microfinance funds on the performance of stock and fixed income markets in deve-loped and emerging economies we find slightly negative correlation. We also show that microfinance investment funds provide modest but in time stable returns compared to benchmark market indices.
3

PODPORA ZEMĚDĚLSKÉHO ÚVĚRU NA SLOVENSKU A V ČESKÉ REPUBLICE

63%
Janda K., Čajka M.
Ekonomický časopis (Journal of Economics)
|
2006
|
vol. 54
|
issue 2
139-153
EN
The article is dealing with the development of Slovak agricultural credit during the period of the economic transition. It describes and evaluates the forms and methods of the government support of this credit. Both the development of credit and the forms of government support used in Slovakia are compared with their corresponding counterparts in the Czech Republic. The authors deal with the solution of the problem of old agricultural debt, with the agricultural support funds, with the government guarantee banks, with the commercial agricultural banks and with the direct government provision of agricultural loans.
4

VLIV EXTERNÍHO FINANCOVÁNÍ NA MIKROFINANČNÍ ROZVOJ – MAKROPOHLED

51%
Janda K., Tran V. Q., Zetek P.
Ekonomický časopis (Journal of Economics)
|
2015
|
vol. 63
|
issue 2
115 – 132
EN
Microfinance institutions finance their business activities primary with clients’ deposits, equity and subsidiary or with external funding. The aim of our thesis is to determine whether the external funding, macroeconomic development and the size of banking sector have some impact on a microfinance performance. Our findings reveal that the growth of external sources is positively associated with the number of female borrowers, interest rates or total expenditure. A significant negative effect can appear if the ratio of external funding to total assets is being uncontrollably increased over time.
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