Acta academica karviniensia 2013, 13(3):136-145 | DOI: 10.25142/aak.2013.050

THE BANCRUPTCY IN THE CZECH REPUBLIC - INFLUENCE OF MACROECONOMIC VARIABLES

Tomáš Moravec

Vysoká škola ekonomická v Praze, Fakulta mezinárodních vztahů, náměstí W. Churchilla 4, 130 67 Praha, Email:moravec.thomas@seznam.cz

This article deals with the bankruptcy of entrepreneurial subjects and how bankruptcy rate is affected by macroeconomic variables. The article is based on the time series for the period from 1993 to 2012. The article analyses the influence of GDP, indebtedness of companies, inflation and interest rates on the number of declared bankruptcies. There might be supposed positive or negative correlation between GDP, indebtedness of companies, inflation and interest rates and the number of declared bankruptcies. Also there is tested lag in correlation between number of declared bankruptcies and GDP, indebtedness of companies, inflation and interest rates. My findings in this article confirm strong correlation between GDP, indebtedness of companies, inflation and interest rates and the number of declared bankruptcies.

Keywords: bankruptcy, GDP, inflation, interest rates

JEL classification: G33, K35

Received: October 13, 2010; Accepted: June 19, 2013; Published: September 30, 2013  Show citation