East Asia in the Aftermath [electronic resource] : Was there a Crunch? / Atish R Ghosh.
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TextSeries: IMF Working Papers; Working Paper ; No. 99/38Publication details: Washington, D.C. : International Monetary Fund, 1999Description: 1 online resource (21 p.)ISBN: 1451845677 :ISSN: 1018-5941Subject(s): Banking System Liabilities | Banking System | Banking | Capital Adequacy | Credit Crunch | East Asia Currency Crises | Indonesia | Korea, Republic of | ThailandAdditional physical formats: Print Version:: East Asia in the Aftermath : Was there a Crunch?Online resources: IMF e-Library | IMF Book Store Abstract: 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.
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.
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