National Repository of Grey Literature 2 records found  Search took 0.01 seconds. 
Firm investment, financial constraints and monetary transmission: an investigation with Czech firm-level data
Babecká Kucharčuková, Oxana ; Pašalićová, Renata
This project investigates the effect of financial constraints and monetary policy on firms’ investment behaviour using Czech firm-level data. The empirical specification is based on the dynamic neoclassical investment model, which explains investment by sales and cash flow. In addition, it includes financial constraints and other factors. We differentiate firms according to their size and type of economic activity. We find that indebtedness and availability of liquidity have significant effects on investment. In the post-crisis period firms obtained less additional credit due to greater riskiness and tended to accumulate more liquidity. Expectations about future GDP growth and business sentiment are positively related to investment. At the same time, we observe considerable heterogeneity of the results across sectors. The impact of the short-term real interest rate is highly significant for firms of all sizes and in all important sectors of the Czech economy, reflecting monetary policy effectiveness.
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Who borrows and who may not repay?
Bičáková, Alena ; Prelcová, Zuzana ; Pašaličová, Renata
In this paper writers use Household Budget Survey data to analyze the evolution of the household credit market in the Czech Republic over the period 2000–2008. They next merge our data with the Statistics on Income and Living Conditions in 2005–2008, which contain direct information on repayment behavior, in order to test the validity of the standard debt burden measure as a predictor of default.
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2 Pašaličová, Renata
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