Insolvence podniků a její makroekonomické determinanty
Corporate Insolvency and Macroeconomic Determinants

Summary/Abstract: This article deals with the mechanisms of satisfying creditors’ claims in the Czech economy and macroeconomic determinants of the corporate failure. The paper briefly characterize the development of the insolvency in the Czech Republic during 1997 – 2005 and tests macroeconomic determinants of the corporate failure on the time series of the number of bankruptcy petitions filed. Empirical analysis suggest the causal link between the annual GDP growth rate, interest rates, in-flation rate and aggregate debt of the corporate sector on one side and the bankruptcy rate in the Czech Republic on the other side. Estimated model indicates procyclicality in the bankruptcy rate and implies structural changes between 2003 and 2004, which corresponds to the privatization of the banking sector.

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