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ACCESS TO CREDIT AND UNCONVENTIONAL MONETARY POLICY IN THE EUROZONE AFTER THE FINANCIAL CRISIS

100%
Koráb P.
Ekonomický časopis (Journal of Economics)
|
2017
|
vol. 65
|
issue 6
520 – 533
EN
This paper investigates the availability of bank credit to enterprises in the Eurozone after the recent financial crisis. The analysis draws from a rich firm-level dataset on perceived credit availability of micro-, small- and medium-sized, and large enterprises in 11 countries in the Eurozone during the time horizon 2010 – 2014. Employing probit and logit estimators, the empirical results suggest that GDP growth is a significant factor improving availability to small and medium-sized, and large firms. I also find evidence on the heterogeneous impact of quantitative easing conducted by the European Central Bank within the Euro area. The non-standard measures improve credit availability in the central economies, while my estimates do not show an effect in the Eurozone periphery.
2

FINANCIAL CRISIS AND FINANCING CONSTRAINTS OF SMES IN VISEGRAD COUNTRIES

63%
Koráb P., Poměnková J.
Ekonomický časopis (Journal of Economics)
|
2014
|
vol. 62
|
issue 9
887 – 902
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.
3

DETERMINANTS OF DEPOSIT AND CREDIT EUROIZATION IN EASTERN EUROPE: A BAYESIAN MODEL AVERAGING EVIDENCE

51%
Kukučková S., Vaněk P., Koráb P.
Ekonomický časopis (Journal of Economics)
|
2019
|
vol. 67
|
issue 5
550 – 566
EN
The paper investigates the motives for deposit and credit euroization in Eastern Europe employing Bayesian empirical methodology. We analyse an extensive dataset of macroeconomic fundamentals, perception surveys and institutional quality indicators, and deal with the uncertainty in the model by Bayesian model averaging. Apart from traditional fundamental macroeconomic factors, strong institutions are found to be an important driver of both credit and deposit euroization. Business regulation, perception of corruption, quality of political arrangement and trade restrictions impact borrowing and saving behaviour in the euro and should be reflected in designing economic policies in the region.
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