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East Asia in the Aftermath
Mr.Atish R. Ghosh
Swart R. Ghosh
其他書名
Was there a Crunch?
出版
International Monetary Fund
, 1999-03-01
主題
Business & Economics / Money & Monetary Policy
Business & Economics / Banks & Banking
ISBN
1451845677
9781451845679
URL
http://books.google.com.hk/books?id=elEYEAAAQBAJ&hl=&source=gbs_api
EBook
SAMPLE
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.