TY  - BOOK
AU  - Chen,Zhaohui
AU  - Chan-Lau,Jorge A.
AU  - Chen,Zhaohui
TI  - Financial Crisis and Credit Crunch as a Result of Inefficient Financial Intermediation-with Reference to the Asian Financial Crisis
T2  - IMF Working Papers; Working Paper
SN  - 1451935994 :
SN  - 1018-5941
PY  - 1998///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Asian Crisis
KW  - imf
KW  - Capital Flow
KW  - Capital Flows
KW  - Capital Inflow Inertia
KW  - Capital Inflow
KW  - Capital Outflow
KW  - Indonesia
KW  - Korea, Republic of
KW  - Malaysia
KW  - Philippines
KW  - Thailand
N2  - This paper develops a model of private debt financing under inefficient financial intermediation. It suggests a mechanism that can generate the following sequence of events observed in the recent Asian crisis: A period of relatively low capital flow despite a steady improvement in economic fundamentals (capital inflow inertia), followed by a fast buildup of capital inflow, and ended with a large capital outflow and domestic credit crunch. Unlike other models requiring large movements in fundamentals or asset prices to explain a financial crisis, this model can exhibit large credit/capital flow swings with moderate changes in the economic and market environment
UR  - http://elibrary.imf.org/view/IMF001/02325-9781451935998/02325-9781451935998/02325-9781451935998.xml
UR  - http://www.imfbookstore.org/IMFORG/9781451935998
ER  -