Corporate Interest Rates and the Financial Accelerator in the Czech Republic

Jarko Fidrmuc, Roman Horvath and Eva Horváthová

Discussion Papers in Economics from University of Munich, Department of Economics

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.

Keywords: Monetary policy transmission; balance sheet channel; financial accelerator; corporate interest rates. (search for similar items in EconPapers)
JEL-codes: E32 E43 G32 (search for similar items in EconPapers)
Date: 2008-11-05
New Economics Papers: this item is included in nep-mac, nep-mon and nep-tra
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Citations: View citations in EconPapers (4)

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Related works:
Journal Article: Corporate Interest Rates and the Financial Accelerator in the Czech Republic (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:lmu:muenec:7191

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