LEADER 03401nam 2200637Ia 450 001 9910452573203321 005 20200520144314.0 010 $a1-4755-6499-6 010 $a1-4755-6234-9 010 $a1-283-86687-0 010 $a1-4755-8294-3 035 $a(CKB)2550000000709422 035 $a(EBL)1607039 035 $a(SSID)ssj0001101067 035 $a(PQKBManifestationID)11630449 035 $a(PQKBTitleCode)TC0001101067 035 $a(PQKBWorkID)11064081 035 $a(PQKB)10633323 035 $a(MiAaPQ)EBC1607039 035 $a(Au-PeEL)EBL1607039 035 $a(CaPaEBR)ebr10635351 035 $a(CaONFJC)MIL417937 035 $a(OCoLC)870245074 035 $a(EXLCZ)992550000000709422 100 $a20121231d2012 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aDomestic credit supply response to international bank deleveraging$b[electronic resource] $eis Asia different? /$fShekhar Aiyar and Sonali Jain-Chandra 210 $aWashington, D.C. $cInternational Monetary Fund$d2012 215 $a1 online resource (16 p.) 225 0$aIMF working paper ;$vWP/12/258 300 $aDescription based upon print version of record. 311 $a1-4755-8091-6 320 $aIncludes bibliographical references. 327 $aCover; 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? 327 $a2. 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 330 $aDuring the global financial crisis, European banks contracted foreign claims on recipient economies sharply. This paper examines the impact of that deleveraging on credit supply in recipient economies, with a particular focus on Asia. Identification is achieved by exploiting heterogeneity in ex-ante patterns of funding reliance on different European banking systems, and in variation in the ratio of local claims in local currency to total foreign claims in recipient economies. These sources of variation are used to create instruments for the deleveraging shock. We find that the contraction in E 410 0$aIMF Working Papers 606 $aBanks and banking, International$zAsia 606 $aBanks and banking$zAsia 608 $aElectronic books. 615 0$aBanks and banking, International 615 0$aBanks and banking 700 $aAiyar$b Shekhar$0968642 701 $aJain-Chandra$b Sonali$f1975-$0968641 712 02$aInternational Monetary Fund. 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910452573203321 996 $aDomestic credit supply response to international bank deleveraging$92200186 997 $aUNINA