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SME Access to Finance and Monetary Policy of the ECB
Brázdová, Martina ; Horváth, Roman (advisor) ; Dědek, Oldřich (referee)
The objective of this thesis is to provide new insights into determinants of firm access to finance, and the role of the European Central Bank's (ECB) monetary policy. Not only do we describe and analyze the determinants of access to finance, but we focus on the theory of financial intermediation, as well. The key part analyses European Commission (EC)/ECB survey data for 16 euro area economies from 11 survey waves in the period from 2009 to 2014. We build our model using traditional firm-level variables such as firm size and age as well as a novel measure of the ECB's monetary policy stance - the shadow rate. We hypothesize that smaller and younger firms with decreased profitability over the past 6 months and increased leverage over the same period are more likely to report problems with access to finance. Our results are intuitively consistent with theoretical expectations and also show that the looser the monetary policy of the ECB is, the lower the composite financing gap indicator. Interestingly, we do not confirm the existence of risk taking channel of the monetary policy. Overall, we make use of the most recent survey data, extend the dataset, and use modified methodology for our estimation.
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Determinants of FDI location across European Countries: role of economic and non-economic factors in decision-making by means of econometric analysis of panel data for 1995-2010
Brázdová, Martina ; Benáček, Vladimír (advisor) ; Bobková, Božena (referee)
This thesis provides an insight into factors that determine FDI inflows. Our focus is on FDI inflows directed to European countries and we study the FDI phenomena both from theoretical and practical view. We extend the literature that highlights the importance of FDI- institution link, and hypothesise that countries with better institutional quality should attract more foreign direct investments. This is in accord with expectation that good institutions create better investment environment in terms of lower costs of doing business and lower risk. The main purpose of this thesis is to complement previous studies that have covered this topic, but did not account for years of financial crisis. The key part analyses panel data for 33 European economies in the period from 1995 to 2010. A model of FDI determinants is constructed and estimated using panel data estimation techniques. The empirical part has revealed that even though some of the institutional variables are significant, they remain rather additional in explaining FDI flows; whereas the traditional economic variables are clearly significant. Our results are intuitively consistent with theoretical expectations and show that market growth, low trade restrictions, good infrastructure and low labour costs are key FDI drivers. Other important...
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SME Access to Finance and Monetary Policy of the ECB
Brázdová, Martina ; Horváth, Roman (advisor) ; Dědek, Oldřich (referee)
The objective of this thesis is to provide new insights into determinants of firm access to finance, and the role of the European Central Bank's (ECB) monetary policy. Not only do we describe and analyze the determinants of access to finance, but we focus on the theory of financial intermediation, as well. The key part analyses European Commission (EC)/ECB survey data for 16 euro area economies from 11 survey waves in the period from 2009 to 2014. We build our model using traditional firm-level variables such as firm size and age as well as a novel measure of the ECB's monetary policy stance - the shadow rate. We hypothesize that smaller and younger firms with decreased profitability over the past 6 months and increased leverage over the same period are more likely to report problems with access to finance. Our results are intuitively consistent with theoretical expectations and also show that the looser the monetary policy of the ECB is, the lower the composite financing gap indicator. Interestingly, we do not confirm the existence of risk taking channel of the monetary policy. Overall, we make use of the most recent survey data, extend the dataset, and use modified methodology for our estimation.
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Determinants of FDI location across European Countries: role of economic and non-economic factors in decision-making by means of econometric analysis of panel data for 1995-2010
Brázdová, Martina ; Benáček, Vladimír (advisor) ; Bobková, Božena (referee)
This thesis provides an insight into factors that determine FDI inflows. Our focus is on FDI inflows directed to European countries and we study the FDI phenomena both from theoretical and practical view. We extend the literature that highlights the importance of FDI- institution link, and hypothesise that countries with better institutional quality should attract more foreign direct investments. This is in accord with expectation that good institutions create better investment environment in terms of lower costs of doing business and lower risk. The main purpose of this thesis is to complement previous studies that have covered this topic, but did not account for years of financial crisis. The key part analyses panel data for 33 European economies in the period from 1995 to 2010. A model of FDI determinants is constructed and estimated using panel data estimation techniques. The empirical part has revealed that even though some of the institutional variables are significant, they remain rather additional in explaining FDI flows; whereas the traditional economic variables are clearly significant. Our results are intuitively consistent with theoretical expectations and show that market growth, low trade restrictions, good infrastructure and low labour costs are key FDI drivers. Other important...
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