Corporate Loans and Czexit on Euro-Koruna

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F46747885%3A24310%2F17%3A00004169" target="_blank" >RIV/46747885:24310/17:00004169 - isvavai.cz</a>

Výsledek na webu

<a href="http://www.lef-tul.cz/sekce/LEF_2017.pdf" target="_blank" >http://www.lef-tul.cz/sekce/LEF_2017.pdf</a>

DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Corporate Loans and Czexit on Euro-Koruna

Popis výsledku v původním jazyce

The Czech Republic has recently experienced extraordinary situation on the financial market when after three years the Czech central bank left its intervention regime on the euro/Czech koruna currency pair. There was predicted that after Czexit the Czech koruna shall strengthen against euro by approximately 5% in one year. Combination of loan denominated in euros and strengthening koruna may result in decreasing interest payments. The aim of this article was, based on the data from the Czech National Bank about corporate loans denominated in Czech koruna and euros, to reveal what strategy non-financial corporations chose before Czexit regarding their debt-loan policy. There was expected a statistically significant negative correlation between the amount of loans denominated in koruna and loans in euros. In order to verify this hypothesis, we tested these two time series by correlation analysis. From the conducted research we can state that in the whole observed period our assumption was not confirmed. Both time series developed in similar ways. As we shortened the time series toward the end of interventions negative correlation between loans denominated in CZK and in EUR occurred.

Název v anglickém jazyce

Corporate Loans and Czexit on Euro-Koruna

Popis výsledku anglicky

The Czech Republic has recently experienced extraordinary situation on the financial market when after three years the Czech central bank left its intervention regime on the euro/Czech koruna currency pair. There was predicted that after Czexit the Czech koruna shall strengthen against euro by approximately 5% in one year. Combination of loan denominated in euros and strengthening koruna may result in decreasing interest payments. The aim of this article was, based on the data from the Czech National Bank about corporate loans denominated in Czech koruna and euros, to reveal what strategy non-financial corporations chose before Czexit regarding their debt-loan policy. There was expected a statistically significant negative correlation between the amount of loans denominated in koruna and loans in euros. In order to verify this hypothesis, we tested these two time series by correlation analysis. From the conducted research we can state that in the whole observed period our assumption was not confirmed. Both time series developed in similar ways. As we shortened the time series toward the end of interventions negative correlation between loans denominated in CZK and in EUR occurred.

Druh

D - Stať ve sborníku

CEP obor

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OECD FORD obor

50206 - Finance

Projekt

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Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2017

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

Liberec Economic Forum 2017

ISBN

978-80-7494-349-2

ISSN

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e-ISSN

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Počet stran výsledku

9

Strana od-do

353-361

Název nakladatele

Technical University of Liberec

Místo vydání

Liberec

Místo konání akce

Liberec

Datum konání akce

1. 1. 2017

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

000426486500040