Financial Accelerator Effects in the Balance Sheets of Czech Firms

Angeloni, I.; A. Kashyap; and B. Mojon. 2003. Monetary Policy Transmission in the Euro Area. Cambridge, UK: Cambridge University Press. Arnostova, K., and J. Hurnik. 2005. The Monetary Transmission Mechanism in the Czech Republic: Evidence from VAR Analysis. Czech National Bank Working Paper Series, No. 4/2005. (available at www.cnb.cz). Ball, L., and G. Mankiw. 1994. Asymmetric Price Adjustment and Economic Fluctuations. The Economic Journal 104, 247–61. Benito, A., and J. Whitley. 2003. Implicit Interest Rates and Corporate Balance Sheets: An Analysis Using Aggregate and Disaggregated UK Data. Bank of England Working Paper No. 193 (available at www.bankofengland.uk). Berg, C.; J. Hansen; and P. Sellin. 2004. The Financial Accelerator and Corporate Investment. Sveriges Riksbank Economic Review 2. Bernanke, B.S., and M. Gertler. 1989. Agency Cost, Net Worth and Business Fluctuations. American Economic Review 79,14–31. Bernanke, B.S.; M. Gertler; and S. Gilchrist. 1999. The Financial Accelerator in a Quantitative Business Cycle Framework. In Handbook of Macroeconomics, Volume 1, eds. J. Taylor and M. Woodford. Amsterdam: North Holland. Boissay, F. 2001. Credit Rationing, Output Gap and Business Cycles.” European Central Bank Working Paper Series, No. 87 (available at www.ecb.int). Bougheas, S; P. Mizen; and C. Yalcin. 2006. Access to External Finance: Theory and Evidence on the Impact of Firm-Specific Characteristics. Journal of Banking and Finance 30, 199-227. Calstrom, C., and T. Fuerst. 1997. Agency Costs, Net Worth and Business Fluctuations: A Computable General Equilibrium Analysis. American Economic Review 87, 893–910. Dhyne, E.; L. Alvarez; H. Le Bihan; G. Veronese; D. Dias; J. Hoffmann; N. Jonker; P. Lunnemann; F. Rumler; and J. Vilmunen. 2005. Price Setting in the Euro Area: Some Stylized Facts from Individual Consumer Data. European Central Bank Working Paper No. 524 (available at www.ecb.int). Gertler, M., and S. Gilchrist. 1993. The Role of Credit Market Imperfections in the Monetary Transmission Mechanism: Arguments and Evidence. Scandinavian Journal of Economics 95, 43–64. ––––––. 1994. Monetary Policy, Business Cycles and the Behavior of Small Manufacturing Firms. The Quarterly Journal of Economics 109, 309–40. Hanousek, J., and R. Filler. 2004. Investment, Credit Rationing, and the Soft Budget Constraint: What Would a Well-functioning Credit Market Look Like? Economics Letters 82, 385–90. Hampl, M., and R. Matousek. 2000. Credit Contraction in the Czech Republic: The Causes and Consequences. Czech National Bank Working Paper Series, No.19 (available at www.cnb.cz). Kashyap, A.; O. Lamont; and J. Stein. 1994. Credit Conditions and the Cyclical Behavior of Inventories. The Quarterly Journal of Economics 109, 565–92. Kaufmann, S. 2002. Is There an Asymmetric Effect of Monetary Policy over Time? A Bayesian Analysis Using Austrian Data. Empirical Economics 27, 277–97. Kiyotaki, N., and J. Moore. 1997. Credit Cycles. Journal of Political Economy 105, 211–48. Konings, J.; M. Rizov; and H. Vandenbusche. 2003. Investment and Financial Constraints in Transition Economies: Micro Evidence from Poland, the Czech Republic, Bulgaria and Romania. Economics Letters 78, 253–8. Lizal, L. 1999. Depreciation Rates in Transition Economy: Evidence from Czech Panel Data. Prague Economic Papers, 8,261–76. Lizal, L., and J. Svejnar. 2002a. Investment, Credit Rationing and the Soft Budget Constraint: Evidence from Czech Panel Data. Review of Economics and Statistics 84, 353–70. ––––––. 2002b. Financial Conditions and Investment during the Transition: Evidence from Czech Firms. In Designing Financial Systems in Transition Economies: Strategies for Reform in Central and Eastern Europe, eds. A. Meyendorff and A. Thakor, 215–60. Cambridge: MIT Press. Mojon, B.; Smets, F.; and P. Vermeulen. 2002. Investment and Monetary Policy in the Euro Area. Journal of Banking and Finance 26, 2111–29. Nerlove, M. 2002. Properties of Alternative Estimators of Dynamic Panel Models: An Empirical Analysis of Cross-Country Data for the Study of Economic Growth. In Essays in Panel Data Econometrics, ed. M. Nerlove. Cambridge, UK: Cambridge University Press. Oliner, S., and G. Rudebush. 1996. Is There a Broad Credit Channel of Monetary Policy?. Federal Reserve Board of San Francisco Economic Review No. 1 (available at www.frbsf.org). Peersman, G., and F. Smets. 2005. The Industry Effects of Monetary Policy in Euro Area. The Economic Journal 115, 319–42. Pruteanu, A. 2004a. Was There Evidence For Credit Rationing in the Czech Republic? Eastern European Economics 42, 58–72. Pruteanu, A. 2004b. The Role of Banks in the Czech Monetary Policy Transmission Mechanism. Czech National Bank Working Paper Series, No. 3 (available at www.cnb.cz). Roland, G., and T. Verdier. 2003. Law Enforcement and Transition. European Economic Review 47, 669–85. Schmitz, B. 2004. What Role Do the Banks Play in Monetary Policy Transmission in EU New Member Countries? University of Bonn. Mimeograph. Stiglitz, J., and A. Weiss. 1981. Credit Rationing in Markets with Imperfect Information. American Economic Review 71, 393–410. Vermeulen, P. 2002. Business Fixed Investment: Evidence of a Financial Accelerator in Europe. Oxford Bulletin of Economics and Statistics 64, 213–31.