Publication detail

Credit Rationing in Greece During and After the Financial Crisis

KORÁB, P. POMĚNKOVÁ, J.

Original Title

Credit Rationing in Greece During and After the Financial Crisis

Type

journal article in Web of Science

Language

English

Original Abstract

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.

Keywords

credit crunch, credit rationing, financial crisis, credit market disequilibrium, non-parametric estimate.

Authors

KORÁB, P.; POMĚNKOVÁ, J.

Released

13. 4. 2017

Publisher

FINANCE A ÚVĚR-CZECH JOURNAL OF ECONOMICS AND FINANCE

Location

Praha

ISBN

0015-1920

Periodical

FINANCE A UVER-CZECH JOURNAL OF ECONOMICS AND FINANCE

Year of study

67

Number

2

State

Czech Republic

Pages from

119

Pages to

139

Pages count

21

URL

http://journal.fsv.cuni.cz/mag/article/show/id/1382

BibTex

@article{BUT131050,
  author="Petr {Koráb} and Jitka {Dluhá}",
  title="Credit Rationing in Greece During and After the Financial Crisis",
  journal="FINANCE A UVER-CZECH JOURNAL OF ECONOMICS AND FINANCE",
  year="2017",
  volume="67",
  number="2",
  pages="119--139",
  issn="0015-1920",
  url="http://journal.fsv.cuni.cz/mag/article/show/id/1382"
}