Justifiable Thrift or Feverish Animal Spirits: What Stirred the Corporate Credit Crunch in Poland?

Marcin Senderski

MPRA Paper from University Library of Munich, Germany

Abstract: This paper concerns the problem of corporate credit in Poland and tries to determine the sources of banks’ unexpected hesitance to provide enterprises with additional liquidity, which was observed during the global financial crisis. It differentiates between fundamental and non-fundamental determinants, which – when combined – reconstruct the course of events that led to the slowdown. A special attention is devoted to variables believed to be behavioral and theoretically inconsistent with the conventional belief of how lending activities are coordinated. A structural vector autoregression (SVAR) is run and impulse response functions are produced to provide a numerical support for the developed theoretical framework.

Keywords: Corporate credit; credit crunch (search for similar items in EconPapers)
JEL-codes: E51 E58 G21 (search for similar items in EconPapers)
Date: 2011-12
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https://mpra.ub.uni-muenchen.de/43674/1/MPRA_paper_43674.pdf original version (application/pdf)
https://mpra.ub.uni-muenchen.de/56609/1/MPRA_paper_43674.pdf revised version (application/pdf)

Related works:
Working Paper: Justifiable thrift or feverish animal spirits: What stirred the corporate credit crunch in Poland? (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:43674

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