Corporate Interest Rates and the Financial Accelerator in the Czech Republic

Arbeitspapier

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Munich Discussion Paper ; No. 2008-23

Classification and Topics

• Classification: Wirtschaft ; Interest Rates: Determination, Term Structure, and Effects ; Business Fluctuations; Cycles ; Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
• Subject: Monetary policy transmission ; balance sheet channel ; financial accelerator ; corporate interest rates. ; Geldpolitische Transmission ; Zins ; Unternehmen ; Bilanz ; Kapitalstruktur ; Cash Flow ; Akzeleratortheorie ; Schätzung ; Tschechische Republik

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Fidrmuc, Jarko ; Horváth, Roman ; Horváthová, Eva
• Event: Veröffentlichung
• (who): Ludwig-Maximilians-Universität München, Volkswirtschaftliche Fakultät
• (where): München
• (when): 2008

Further information

• DOI: doi:10.5282/ubm/epub.7191
• Handle: http://hdl.handle.net/10419/104254
• URN: urn:nbn:de:bvb:19-epub-7191-2
• Last update: 10.03.2025, 11:43 AM CET