Detail publikace

Credit Rationing in Greece During and After the Financial Crisis

Originální název

Credit Rationing in Greece During and After the Financial Crisis

Anglický název

Credit Rationing in Greece During and After the Financial Crisis

Jazyk

en

Originální abstrakt

The financial crisis has revealed the vulnerability of the banking sector in the Eurozone to adverse macroeconomic shocks. In this paper we investigate corporate access to bank credit in Greece, combining microeconometric and macroeconometric empirical methods. We employ the Non-parametric Kernel estimate to identify credit rationing at the firm-level and a disequilibrium maximum likelihood approach to identify periods of credit market disequilibrium in Greece between 2003 Q1 and 2015 Q4. The empirical analysis reveals a credit crunch in Greece between 2008 Q4 and 2012 Q4 and provides evidence that credit rationing during this period was not only reasoned by the banking sector factors but also by increasing firm-specific credit risk and by deterioration of financial health indicators of companies.

Anglický abstrakt

The financial crisis has revealed the vulnerability of the banking sector in the Eurozone to adverse macroeconomic shocks. In this paper we investigate corporate access to bank credit in Greece, combining microeconometric and macroeconometric empirical methods. We employ the Non-parametric Kernel estimate to identify credit rationing at the firm-level and a disequilibrium maximum likelihood approach to identify periods of credit market disequilibrium in Greece between 2003 Q1 and 2015 Q4. The empirical analysis reveals a credit crunch in Greece between 2008 Q4 and 2012 Q4 and provides evidence that credit rationing during this period was not only reasoned by the banking sector factors but also by increasing firm-specific credit risk and by deterioration of financial health indicators of companies.

BibTex


@article{BUT131050,
  author="Petr {Koráb} and Jitka {Poměnková}",
  title="Credit Rationing in Greece During and After the Financial Crisis",
  annote="The financial crisis has revealed the vulnerability of the banking sector in the Eurozone to adverse macroeconomic shocks. In this paper we investigate corporate access to bank credit in Greece, combining microeconometric and macroeconometric empirical methods. We employ the Non-parametric Kernel estimate to identify credit rationing at the firm-level and a disequilibrium maximum likelihood approach to identify periods of credit market disequilibrium in Greece between 2003 Q1 and 2015 Q4. The empirical analysis reveals a credit crunch in Greece between 2008 Q4 and 2012 Q4 and provides evidence that credit rationing during this period was not only reasoned by the banking sector factors but also by increasing firm-specific credit risk and by deterioration of financial health indicators of companies.",
  address="FINANCE A ÚVĚR-CZECH JOURNAL OF ECONOMICS AND FINANCE",
  chapter="131050",
  howpublished="print",
  institution="FINANCE A ÚVĚR-CZECH JOURNAL OF ECONOMICS AND FINANCE",
  number="2",
  volume="67",
  year="2017",
  month="april",
  pages="119--139",
  publisher="FINANCE A ÚVĚR-CZECH JOURNAL OF ECONOMICS AND FINANCE",
  type="journal article in Web of Science"
}