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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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Essay on Financial Innovation, Credit Constraints, and Welfare
Janíčko, Martin ; Chytil, Zdeněk (advisor) ; Tlustý, Adolf (referee) ; Pavelka, Tomáš (referee) ; Frait, Jan (referee)
The submitted thesis is composed of three different articles dealing with issues of financial innovation, credit constraints, and their impact on welfare. The first article treats the contemporary theoretical grasp of the interaction between the financial and real economies, focusing primarily on the role of modern financial innovation in the business cycle. For this purpose, a framework promoted by the Regulation School and Post Keynesians is frequently employed, whilst some other unorthodox streams and mainstream economics are partially discussed as well. All of them aspire -- either per se or under the pressure of the contemporary economic agenda -- to clarify the evolution of financial innovation and credit in the recent era. It is generally found that certain consensus across the schools of economic thought exists, but some of them have done a better job in predicting the consequences of the financial innovation for real economic activity than others. Further, two dynamic macroeconomic models are developed in order to, inter alia, identify the possible effects of extended credit availability presented in the former article on the example of the housing market, and simulate the effects of housing price changes on general welfare. Clearly, this part of the thesis exhibits the indirect consequences of financial innovation as, once again, being rather ambiguous: after having partially unleashed the unprecedented credit granting in the economy, impacting interest rates and loan-to-value ratios, with a subsequent impact on housing prices, it has also influenced credit constrained and unconstrained households in a different manner. Based on an analysis of the situation using partial and general equilibrium analytical frameworks, two somewhat different conclusions are drawn up with respect to the occurrence of various shocks in the models. Under the partial equilibrium framework the effects of relaxation of credit constraints are visible and quite straightforward, indicating relatively simple and intuitive relationship between the price appreciation and general welfare. This is primarily perspicuous for the credit constrained households. In the general equilibrium framework, on the other hand, the transitional dynamics of shock proliferation is more transparent and the impact on credit constrained vs. unconstrained households is more ambiguous and much different from the basic intuition used in the article anchored in the partial equilibrium toolbox.
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