EconPapers    
Economics at your fingertips  
 

Financial Accelerator Effects in the Balance Sheets of Czech Firms

Roman Horvath

MPRA Paper from University Library of Munich, Germany

Abstract: The paper examines a financial accelerator mechanism in analyzing determinants of corporate interest rates. Using a panel of the financial statements of 448 Czech firms from 1996–2002, we find that balance sheet indicators matter interest rates paid by firms. Market access is particularly important in this regard. The strength of corporate balance sheets seem to vary with firm size. There is also evidence that monetary policy has a stronger effect on smaller than on larger firms. On the other hand, we find no asymmetry in the monetary policy effects over the business cycle.

Keywords: balance sheet channel; financial accelerator; interest rates; monetary policy transmission (search for similar items in EconPapers)
JEL-codes: E52 G32 (search for similar items in EconPapers)
Date: 2006-11-14
New Economics Papers: this item is included in nep-acc, nep-cba, nep-cfn, nep-mac, nep-mon and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/829/1/MPRA_paper_829.pdf original version (application/pdf)

Related works:
Working Paper: Financial Accelerator Effects in the Balance Sheets of Czech Firms (2006) Downloads
Working Paper: Financial Accelerator Effects in the Balance Sheets of Czech Firms (2005) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:829

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().

 
Page updated 2025-03-22
Handle: RePEc:pra:mprapa:829