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Changes in the Czech Republic's Financial Intermediation During the Last Decade

Vladimír Tomšík

出版	SSRN, 2015
URL	http://books.google.com.hk/books?id=4on6zgEACAAJ&hl=&source=gbs_api

註釋

This note outlines the development of the Czech Republic's financial sector over the last 25 years. Despite significant changes in their ownership and the banking crisis in 1990s, the banks have kept their dominant position while the capital market still plays only a minor role. One explanation is that non-financial corporations often use intragroup financing directly from their parent companies abroad, and thus have no incentive to search for market-based funding. Nevertheless, Czech corporations have been pursuing the global search for yield recently by issuing bonds to raise cheap funds. This trend applies only to a small set of large firms and the associated credit risk is borne mainly by non-residents. The banks have responded to the resulting fall in demand for their credit by lowering lending interest rates and interest margins. As a result, the risk of a gradual softening of credit standards has emerged.Full publication: "http://ssrn.com/abstract=2692232" What Do New Forms of Finance Mean for EM Central Banks?