Detail publikačního výsledku

Credit Rationing in Greece During and After the Financial Crisis

KORÁB, P.; POMĚNKOVÁ, J.

Originální název

Credit Rationing in Greece During and After the Financial Crisis

Anglický název

Credit Rationing in Greece During and After the Financial Crisis

Druh

Článek WoS

Originální abstrakt

The financial crisis has revealed the vulnerability of the banking sector in the Eurozone to adverse macroeconomic shocks. In this paper we investigate corporate access to bank credit in Greece, combining microeconometric and macroeconometric empirical methods. We employ the Non-parametric Kernel estimate to identify credit rationing at the firm-level and a disequilibrium maximum likelihood approach to identify periods of credit market disequilibrium in Greece between 2003 Q1 and 2015 Q4. The empirical analysis reveals a credit crunch in Greece between 2008 Q4 and 2012 Q4 and provides evidence that credit rationing during this period was not only reasoned by the banking sector factors but also by increasing firm-specific credit risk and by deterioration of financial health indicators of companies.

Anglický abstrakt

The financial crisis has revealed the vulnerability of the banking sector in the Eurozone to adverse macroeconomic shocks. In this paper we investigate corporate access to bank credit in Greece, combining microeconometric and macroeconometric empirical methods. We employ the Non-parametric Kernel estimate to identify credit rationing at the firm-level and a disequilibrium maximum likelihood approach to identify periods of credit market disequilibrium in Greece between 2003 Q1 and 2015 Q4. The empirical analysis reveals a credit crunch in Greece between 2008 Q4 and 2012 Q4 and provides evidence that credit rationing during this period was not only reasoned by the banking sector factors but also by increasing firm-specific credit risk and by deterioration of financial health indicators of companies.

Klíčová slova

credit crunch, credit rationing, financial crisis, credit market disequilibrium, non-parametric estimate.

Klíčová slova v angličtině

credit crunch, credit rationing, financial crisis, credit market disequilibrium, non-parametric estimate.

Autoři

KORÁB, P.; POMĚNKOVÁ, J.

Rok RIV

2018

Vydáno

13.04.2017

Nakladatel

FINANCE A ÚVĚR-CZECH JOURNAL OF ECONOMICS AND FINANCE

Místo

Praha

ISSN

0015-1920

Periodikum

FINANCE A UVER-CZECH JOURNAL OF ECONOMICS AND FINANCE

Svazek

67

Číslo

2

Stát

Česká republika

Strany od

119

Strany do

139

Strany počet

21

URL

http://journal.fsv.cuni.cz/mag/article/show/id/1382

BibTex

@article{BUT131050,
  author="Petr {Koráb} and Jitka {Dluhá}",
  title="Credit Rationing in Greece During and After the Financial Crisis",
  journal="FINANCE A UVER-CZECH JOURNAL OF ECONOMICS AND FINANCE",
  year="2017",
  volume="67",
  number="2",
  pages="119--139",
  issn="0015-1920",
  url="http://journal.fsv.cuni.cz/mag/article/show/id/1382"
}