Language:
English
Pages:
Online-Ressource (1 online resource (38 p.))
Edition:
Online-Ausg. World Bank E-Library Archive
Parallel Title:
Agénor, Pierre-Richard The Credit Crunch in East Asia
Keywords:
Bank Cred Bank Lending
;
Bank Loans
;
Banks and Banking Reform
;
Central Bank
;
Commercial Banks
;
Credit Rationing
;
Currencies and Exchange Rates
;
Debt Markets
;
Demand For Cred Domestic Cred Finance
;
Economic Theory and Research
;
Emerging Markets
;
Finance and Financial Sector Development
;
Financial Intermediation
;
Financial Literacy
;
Fiscal Policies
;
Future
;
Interest
;
Interest Rates
;
Law and Development
;
Liquid Assets
;
Liquidity
;
Macroeconomics and Economic Growth
;
Monetary Fund
;
Private Sector Development
;
Profits
;
Reserves
;
Risk Of Default
;
Settlement of Investment Disputes
;
Working Capital
;
Bank Cred Bank Lending
;
Bank Loans
;
Banks and Banking Reform
;
Central Bank
;
Commercial Banks
;
Credit Rationing
;
Currencies and Exchange Rates
;
Debt Markets
;
Demand For Cred Domestic Cred Finance
;
Economic Theory and Research
;
Emerging Markets
;
Finance and Financial Sector Development
;
Financial Intermediation
;
Financial Literacy
;
Fiscal Policies
;
Future
;
Interest
;
Interest Rates
;
Law and Development
;
Liquid Assets
;
Liquidity
;
Macroeconomics and Economic Growth
;
Monetary Fund
;
Private Sector Development
;
Profits
;
Reserves
;
Risk Of Default
;
Settlement of Investment Disputes
;
Working Capital
Abstract:
November 2000 - A two-step approach is used to assess the extent to which the credit crunch in East Asia was supply- or demand-driven. The results for Thailand suggest that the contraction in bank lending that accompanied the crisis was the result of supply factors. Agénor, Aizenman, and Hoffmaister propose a two-step approach for assessing the extent to which the fall in credit in crisis-stricken East Asian countries was a supply- or demand-induced phenomenon. The first step involves estimating a demand function for excess liquid assets held by commercial banks. The second step involves establishing dynamic projections for the periods after the crisis and assessing whether or not residuals are large enough to be viewed as indicators of an “involuntary” accumulation of excess reserves. The results for Thailand suggest that the contraction in bank lending that accompanied the crisis was the result of supply factors. Thai firms (presumably small and medium-size ones) faced binding constraints in getting access to credit markets after the crisis. This paper—a product of the Economic Policy and Poverty Reduction Division, World Bank Institute—is part of a larger effort in the institute to understand the macroeconomic effects of credit market imperfections. Pierre-Richard Agénor may be contacted at pagenorworldbank.org
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