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  • 1
    Online Resource
    Online Resource
    The Credit Crunch in East Asia : What Can Bank Excess Liquid Assets Tell Us? (1999)
    Washington, D.C : The World Bank
    Details
    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
    URL: Volltext  (Deutschlandweit zugänglich)
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    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    Savings and the Terms of Trade under Borrowing Constraints (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (44 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Agénor, Pierre-Richard Savings and the Terms of Trade under Borrowing Constraints
    Keywords: Arbitrage ; Capital Markets ; Consumers ; Consumption ; Economic Theory and Research ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Financial Literacy ; Income ; Liquidity ; Macroeconomic Shocks ; Macroeconomics ; Macroeconomics and Economic Growth ; Marginal Utility ; Open Economy ; Permanent Income ; Political Economy ; Prices ; Private Sector Development ; Real GDP ; Real Interest Rate ; Savings ; Trade ; Utility ; Variables ; Welfare ; Arbitrage ; Capital Markets ; Consumers ; Consumption ; Economic Theory and Research ; Emerging Markets ; Exports ; Finance and Financial Sector Development ; Financial Literacy ; Income ; Liquidity ; Macroeconomic Shocks ; Macroeconomics ; Macroeconomics and Economic Growth ; Marginal Utility ; Open Economy ; Permanent Income ; Political Economy ; Prices ; Private Sector Development ; Real GDP ; Real Interest Rate ; Savings ; Trade ; Utility ; Variables ; Welfare
    Abstract: June 2000 - When households face the possibility of borrowing constraints in bad times, favorable movements in the permanent component of the terms of trade may lead to higher rates of private savings. Agénor and Aizenman examine the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings. Using a simple three-period model, they show that if households expect to face binding constraints on borrowing in bad states of nature (when the economy is in a long trough rather than a sharp peak), savings rates will respond asymmetrically to favorable movements in the permanent component of the terms of trade-in contrast with the predictions of conventional consumption-smoothing models. They test for asymmetric effects of terms-of-trade disturbances using an econometric model that controls for various standard determinants of private savings. The results-based on panel data for nonoil commodity exporters of Sub-Saharan Africa for 1980-96 (a group of countries for which movements in the terms of trade have traditionally represented a key source of macroeconomic shocks)-indicate that increases in the permanent component of the terms of trade (measured using three alternative filtering techniques) indeed tend to be associated with higher rates of private savings. This paper is a product of Economic Policy and Poverty Reduction, World Bank Institute. Pierre-Richard Agénor may be contacted at pagenorworldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
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    Online Resource
    MPI Ethno. Forsch.
  • 3
    Online Resource
    Online Resource
    Disinflation and the Supply Side (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Pizzati, Lodovico Disinflation and the Supply Side
    Keywords: Aggregate Demand ; Assets ; Capital ; Capital Markets ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Devaluation ; Economic Theory and Research ; Elasticity ; Elasticity Of Substitution ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Goods ; Interest ; Investment ; Macroeconomics and Economic Growth ; Money ; Open Economy ; Private Sector Development ; Production ; Recession ; Stock ; Supply ; Wages ; Wealth ; Aggregate Demand ; Assets ; Capital ; Capital Markets ; Consumption ; Currencies and Exchange Rates ; Debt Markets ; Devaluation ; Economic Theory and Research ; Elasticity ; Elasticity Of Substitution ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Goods ; Interest ; Investment ; Macroeconomics and Economic Growth ; Money ; Open Economy ; Private Sector Development ; Production ; Recession ; Stock ; Supply ; Wages ; Wealth
    Abstract: March 2000 - What role do supply-side factors play in the dynamics of output and absorption in exchange rate-based stabilization programs? Agénor and Pizzati study the dynamics of output, consumption, and real wages induced by a disinflation program based on permanent and temporary reductions in the nominal devaluation rate. They use an intertemporal optimizing model of a small open economy in which domestic households face imperfect world capital markets, the labor supply is endogenous, and wages are flexible. The model predicts that, with a constant capital stock and no investment, there is an initial reduction in real wages and output expands. Consumption falls on impact but increases afterward. In addition, with a temporary shock, a current account deficit emerges and, later, a recession sets in, as documented in various studies. With endogenous capital accumulation, numerical simulations show that the model can also predict a boom in investment. This paper is a product of the Economic Policy and Poverty Reduction Division, World Bank Institute. The authors may be contacted at pagenorworldbank.org and lpizzati@worldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    MPI Ethno. Forsch.
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