Zuzana Gric, Jan Janků, Simona Malovaná
We show that divergences between Czech and euro-area policy rates reshape the currency composition of corporate lending. Using loan-level data from AnaCredit for 2019–2024, we document that a widening PRIBOR–EURIBOR spread triggers a sharp reallocation toward euro-denominated credit, concentrated in new loans. The effect is asymmetric: strong when the differential widens, but only partially reversible when it narrows. It is driven mainly by large, less-capitalised banks and by larger, lower-leverage firms, while exchange-rate movements play virtually no role. These findings imply that persistent positive differentials weaken domestic monetary transmission and increase foreign-currency exposures, underscoring the need for macroprudential attention in small open economies with rising euroisation.
JEL kódy: E51, E52, E58, G21, G28
Klíčová slova: AnaCredit, bank lending, corporate credit, credit channel, euroization, monetary policy
Vydáno: březen 2026
Ke stažení: CNB WP No. 7/2026 (pdf, 1,6 MB)