Financial Crisis and Credit Crunch As a Result of Inefficient Financial Intermediation: With Reference to the Asian Financial Crisis
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 fundament...
Gespeichert in:
1. Verfasser: | |
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
1998
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Schriftenreihe: | IMF Working Papers
Working Paper No. 98/127 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | 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 |
Beschreibung: | 1 Online-Ressource (24 p) |
ISBN: | 1451935994 9781451935998 |
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spelling | Chen, Zhaohui Verfasser aut Financial Crisis and Credit Crunch As a Result of Inefficient Financial Intermediation With Reference to the Asian Financial Crisis Chen, Zhaohui Washington, D.C International Monetary Fund 1998 1 Online-Ressource (24 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 98/127 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 Online-Ausg Chan-Lau, Jorge A. Sonstige oth http://elibrary.imf.org/view/IMF001/02325-9781451935998/02325-9781451935998/02325-9781451935998.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Chen, Zhaohui Financial Crisis and Credit Crunch As a Result of Inefficient Financial Intermediation With Reference to the Asian Financial Crisis |
title | Financial Crisis and Credit Crunch As a Result of Inefficient Financial Intermediation With Reference to the Asian Financial Crisis |
title_auth | Financial Crisis and Credit Crunch As a Result of Inefficient Financial Intermediation With Reference to the Asian Financial Crisis |
title_exact_search | Financial Crisis and Credit Crunch As a Result of Inefficient Financial Intermediation With Reference to the Asian Financial Crisis |
title_exact_search_txtP | Financial Crisis and Credit Crunch As a Result of Inefficient Financial Intermediation With Reference to the Asian Financial Crisis |
title_full | Financial Crisis and Credit Crunch As a Result of Inefficient Financial Intermediation With Reference to the Asian Financial Crisis Chen, Zhaohui |
title_fullStr | Financial Crisis and Credit Crunch As a Result of Inefficient Financial Intermediation With Reference to the Asian Financial Crisis Chen, Zhaohui |
title_full_unstemmed | Financial Crisis and Credit Crunch As a Result of Inefficient Financial Intermediation With Reference to the Asian Financial Crisis Chen, Zhaohui |
title_short | Financial Crisis and Credit Crunch As a Result of Inefficient Financial Intermediation |
title_sort | financial crisis and credit crunch as a result of inefficient financial intermediation with reference to the asian financial crisis |
title_sub | With Reference to the Asian Financial Crisis |
url | http://elibrary.imf.org/view/IMF001/02325-9781451935998/02325-9781451935998/02325-9781451935998.xml |
work_keys_str_mv | AT chenzhaohui financialcrisisandcreditcrunchasaresultofinefficientfinancialintermediationwithreferencetotheasianfinancialcrisis AT chanlaujorgea financialcrisisandcreditcrunchasaresultofinefficientfinancialintermediationwithreferencetotheasianfinancialcrisis |