This paper focuses on how firms obtain financing from domestic banks, using a unique loan-level data set for the Czech Republic. The results show that the vast majority of firms use the services of just one relationship lender. Small and young firms in technology- and knowledge-intensive...

This article deals with firms’ defaults and empirically tests its key macroeconomic determinants. The conducted empirical analysis employs quarterly time series of the number of insolvency petitions filed in the period 1996-2009. The obtained results point out prediction ability of the growth...

Credit risk assessment is a crucial part of macroprudential analysis, with the aggregate nonperforming loan (NPL) ratio serving as a proxy for the economy-wide probability of default of the banking sector’s overall loan exposure. Therefore, the factors driving the NPL ratio deserve a lot of...

The importance of assessing financial stability in emerging Europe has increased rapidly since the recent financial crisis. Against this background, in the present paper we contribute to the existing literature in a twofold way: First, by using a broad range of indicators from money, bond,...

This paper focuses on the key credit risk parameter – Loss Given Default (LGD). We describe its general properties and determinants with respect to seniority of debt, characteristics of debtors and macroeconomic conditions. Furthermore, we illustrate how the LGD can be extracted from market...

Tato práce se zabývá mechanismy uspokojování vìøitelù a makroekonomickými determinanty úpadkù podnikového sektoru. Konkurzní a exekuèní øízení jsou dva základní insolvenèní nástroje uspokojování vìøitelù zakotvené v èeském právu. V pøípadì defaultu dlužníka...

The recent financial crisis emphasised the need for effective financial stability analyses and tools for detecting systemic risk. This paper looks at assessment of banking sector resilience through stress testing. We argue such analyses are valuable even in emerging economies that suffer from...

This study examines the question whether uncoordinated steps of some EU states changing their deposit insurance schemes in the middle of 2008 could have led to shift of deposits among EU countries. The paper deals with changes of the rules which were introduced at the end of year 2008, and...