TY  - BOOK
AU  - Han,Fei
AU  - Elekdag,Selim
AU  - Han,Fei
TI  - What Drives Credit Growth in Emerging Asia?
T2  - IMF Working Papers; Working Paper
SN  - 1463936443 :
SN  - 1018-5941
PY  - 2012///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Aggregate Demand
KW  - imf
KW  - Bayesian Estimation
KW  - Domestic Monetary Policy
KW  - Econometric Modeling: General
KW  - Emerging Asia
KW  - Financial Stability
KW  - China, People's Republic of
KW  - Hong Kong Special Administrative Region of China
KW  - Indonesia
KW  - United States
N2  - This paper seeks to uncover the main drivers of credit growth in emerging Asia using a multi-country structural vector autoregressive (SVAR) model. Taking a novel approach, we developed a two-block SVAR whereby shocks within blocks are identified using sign restrictions, whereas shocks across the blocks are identified using a recursive (block-) Cholesky structure. We find that domestic factors are more dominant than external factors in driving rapid credit growth in emerging Asia. This is particularly true for domestic monetary policy, which can play a pivotal role in terms of managing rapid credit growth in emerging Asia
UR  - http://elibrary.imf.org/view/IMF001/12623-9781463936440/12623-9781463936440/12623-9781463936440.xml
UR  - http://www.imfbookstore.org/IMFORG/9781463936440
ER  -