Access to credit of SMES in the Czech republic during the financial crisis and in the post-crisis period

Koráb, Petr; Poměnková, Jitka

Access to credit of SMES in the Czech republic during the financial crisis and in the post-crisis period

Files

Acta_acu2015040025.pdf(134.9 KB)

Date

2015-09-03

Authors

Koráb, Petr

Poměnková, Jitka

Publisher

Mendelu

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Abstract

We investigate the impact of the financial crisis on the access of small and medium-sized enterprises in the Czech Republic to external financing. We apply the non-parametric kernel density estimation on a firm-level measure of financing constraints and evaluate its distribution on a balanced panel of SMEs. We focus on financing constraints related to financial health of companies since they determine the commercial banks' lending behaviour. Our results reveal that firms were more constrained during the crisis and their financing constraints did not largely improve after the end of financial crisis. We argue that enterprises were financially constrained during the crisis because of reduced cash-flow and cash holdings.
Článek zkoumá dopad finanční krize na malé a střední podniky v České republice a na externí financování. Analýza je provedena prostřednictvím neparametrického jádrového odhadu hustoty. Výsledky ukazují, že firmy byly více omezeny v průběhu krize a jejich omezení financování se příliš nezlepšilo ani skončení finanční krize.

Keywords

fi nancing constraints, KZ index, credit crunch, fi nancial accelerator, nonparametric estimation, kernel density

Citation

Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis. 2015, vol. 63, issue 4, p. 1297-1302.
https://acta.mendelu.cz/63/4/1297/

Document type

Peer-reviewed

Document version

Published version

Language of document

en

Document licence

Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International
http://creativecommons.org/licenses/by-nc-nd/4.0/