Politická ekonomie 2017, 65(2):141-160 | DOI: 10.18267/j.polek.1133

Omezení nabídky úvěru solventní otevřené ekonomiky v rámci implementace kapitálových požadavků Basel III

Naďa Blahová, Karel Brůna
Naďa Blahová (blahova@vse.cz), Karel Brůna (bruna@vse.cz), Vysoká škola ekonomická v Praze, Fakulta financí a účetnictví

Credit Supply Constraint of Solvent Open Economy within Implementation of Basel III Capital Requirements

The article deals with constraint of credit supply consistent with external solvency of economy and solvency of banking sector under negative international investment position, foreign ownership of banking sector and growing bank´s capital and stable funding requirements. The target is to define main parameters of sustainable supply of funding of external capital providers and to test the relationships among determinants of external solvency, foreign sources of funding the economy and banking sector and credit aggregates in the Czech Republic using unrestricted ARDL ECM model. The results show growing inflow of debt funding motivated by export led growth, the Czech FDI investments and lack of euro liquidity due to CNB foreign exchange interventions. The debt provided by foreign parent companies could overcome a constraint of home banking sector´s credit supply. Growing export causes investments to production capacity financed by equity of foreign holders. The cost of negative NFA is driven by profitability of exporters which is positively correlated with GDP growth. The bank´s capital incl. reinvested profits do not reflect a credit cycle due to excess of capital in the Czech banking sector.

Keywords: international investment position, solvency, funding, credit growth, ARDL ECM
JEL classification: E51, F32, F34, G21

Published: April 1, 2017  Show citation

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Blahová, N., & Brůna, K. (2017). Credit Supply Constraint of Solvent Open Economy within Implementation of Basel III Capital Requirements. Politická ekonomie, 65(2), 141-160. doi: 10.18267/j.polek.1133
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