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East Asia in the Aftermath
Mr. Atish R. GhoshSwart R. Ghosh
其他書名
Was there a Crunch?
出版International Monetary Fund, 1999-03-01
主題Business & Economics / Economics / MacroeconomicsBusiness & Economics / Economics / GeneralBusiness & Economics / International / Economics
ISBN14518930789781451893076
URLhttp://books.google.com.hk/books?id=aXfYzwbfTOIC&hl=&source=gbs_api
註釋This paper uses a disequilibrium framework to investigate a possible credit crunch in the East Asian crisis countries (Indonesia, Korea, and Thailand) during 1997-98. It defines a credit crunch as a situation in which interest rates do not equilibrate supply and demand for credit and the aggregate amount is supply constrained, i.e. there is quantity rationing. In all three countries, rising real interest rates and weakening economic activity lowered credit demand and (with the exception of Indonesia in late 1997) there is little evidence of quantity rationing at the aggregate level—although individual firms may have lost access to credit.