1.

Record Nr.

UNINA9910452573203321

Autore

Aiyar Shekhar

Titolo

Domestic credit supply response to international bank deleveraging [[electronic resource] ] : is Asia different? / / Shekhar Aiyar and Sonali Jain-Chandra

Pubbl/distr/stampa

Washington, D.C., : International Monetary Fund, 2012

ISBN

1-4755-6499-6

1-4755-6234-9

1-283-86687-0

1-4755-8294-3

Descrizione fisica

1 online resource (16 p.)

Collana

IMF working paper ; ; WP/12/258

Altri autori (Persone)

Jain-ChandraSonali <1975->

Soggetti

Banks and banking, International - Asia

Banks and banking - Asia

Electronic books.

Lingua di pubblicazione

Inglese

Formato

Materiale a stampa

Livello bibliografico

Monografia

Note generali

Description based upon print version of record.

Nota di bibliografia

Includes bibliographical references.

Nota di contenuto

Cover; Contents; I. Introduction; Figures; 1. Consolidated Foreign Claims on Asian Economies; II. The Role of European Banks in Asia; 2. Consolidated Foreign Claims of European Banks on Asia; 3. BIS Reporting Banks' Foreign Claims on Selected Asian Economies by Sector; III. Econometric Methodology; 4. Consolidated International Claims of European Banks; IV. Results; Tables; 1. Impact of Change in Foreign Claims on Change in Domestic Credit Supply; V. Why did Asia React Differently?

2. Impact of Change in Foreign Claims on Change in Domestic Credit Supply (Using exchange rate adjusted foreign claims data)5. Difference in Policy Responses: Asia Versus Non-Asia; 3. Summary of Policy Actions taken in Asia during the Global Financial Crisis; 6. Debt-to-Equity Ratio in Financial Firms at End-2007; References

Sommario/riassunto

During the global financial crisis, European banks contracted foreign claims on recipient economies sharply. This paper examines the impact of that deleveraging on credit supply in recipient economies, with a particular focus on Asia. Identification is achieved by exploiting



heterogeneity in ex-ante patterns of funding reliance on different European banking systems, and in variation in the ratio of local claims in local currency to total foreign claims in recipient economies. These sources of variation are used to create instruments for the deleveraging shock. We find that the contraction in E