Corporate Interest Rates and the Financial Accelerator in the Czech Republic
Jarko Fidrmuc,
Roman Horváth and
Eva Horváthová
Authors registered in the RePEc Author Service: Roman Horvath and
Eva Horvathova
Emerging Markets Finance and Trade, 2010, vol. 46, issue 4, 41-54
Abstract:
We analyze the determinants of 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 significantly influence the firmspecific interest rates. Debt structure and cash flow have significant effects on interest rates, whereas indicators on collateral play no significant role. Monetary policy has stronger effects on smaller firms than on medium-size and larger firms. Finally, we find no asymmetric effects in the monetary policy over the business cycle.
Keywords: balance sheet channel; corporate interest rates; financial accelerator monetary policy transmission (search for similar items in EconPapers)
Date: 2010
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