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Úvěrové omezení firem v souvislostech nerovnováhy na úvěrovém trhu v průběhu finanční krize
Koráb, Petr
The dissertation thesis focuses on financing constraints of small and medium-sized enterprises during the recent financial crisis of 2008-2009. The contribution of the dissertation thesis is in the application of non-parametric kernel estimation on the selected index of financing constraints. Two empirical analyses are made, the first uses panel data to identify financing constraints on the sample of small and medium-sized enterprises employing non-parametric kernel estimations, the latter analyses credit market employing maximum likelihood method for market in disequilibrium. Two groups of countries are analysed, the Visegrad group, comprising of the Czech Republic, Slovakia, Hungary and Poland, and a group of selected Eurozone countries, in which Germany, Italy, Spain and Greece are the subject of analyses. The results of empirical analyses revealed asymmetric impact of the financial crisis on financing constraints of enterprises in both groups of countries. In the Czech Republic and Slovakia SMEs faced higher financing constraints in the wake of the financial crisis, mainly due to the problems with reduced cash-flow and cash holdings. In Poland and Hungary, however, my results do not show larger problems to secure external financing during the financial crisis. In the Eurozone countries, SMEs in Italy and Spain faced increasing obstacles to access external finance after the financial crisis erupted. In contrary to these countries, German SMEs did not face increasing financing constraints during the crisis period. The largest deterioration of the access to external finance experienced enterprises in Greece, because of the problems with cash-flow, cash holdings and indebtedness. Because of the results of empirical analyses and also because of the fact that Greece experienced the largest decline in GDP during the crisis, I selected Greece for further analysis of credit market at aggregate level. My results show a period of credit crunch during the financial crisis. In the Discussion part I compare the results of my analyses with other papers which use different methodologies. Except for Hungary, the studies and the results in this dissertation thesis are comparable.
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