LEADER 05783oam 22012734 450 001 9910816178003321 005 20240402045737.0 010 $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(Au-PeEL)EBL1607039 035 $a(CaPaEBR)ebr10635351 035 $a(CaONFJC)MIL417937 035 $a(OCoLC)870245074 035 $a(IMF)WPIEE2012258 035 $a(IMF)WPIEA2012258 035 $a(MiAaPQ)EBC1607039 035 $a(EXLCZ)992550000000709422 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe Domestic Credit Supply Response to International Bank Deleveraging : $eIs Asia Different? /$fShekhar Aiyar, Sonali Jain-Chandra 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (16 p.) 225 1 $aIMF Working Papers 225 0$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 3 $aDuring the global financial crisis, European banks contracted foreign claims on recipient economies sharply. This paper examines the impact of that deleveraging on credit supply in recipient economies, with a particular focus on Asia. Identification is achieved by exploiting heterogeneity in ex-ante patterns of funding reliance on different European banking systems, and in variation in the ratio of local claims in local currency to total foreign claims in recipient economies. These sources of variation are used to create instruments for the deleveraging shock. We find that the contraction in European bank foreign claims was associated with a substantial reduction in domestic credit supply in a broad sample of countries. However, the credit supply response in Asia was only about half the size of the response in non-Asian countries, possibly due to a more robust policy response and healthier local bank balance sheets at the outset of the crisis. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/258 606 $aBanks and banking, International$zAsia 606 $aBanks and banking$zAsia 606 $aBanks and Banking$2imf 606 $aMoney and Monetary Policy$2imf 606 $aFinancial Crises$2imf 606 $aMonetary Systems$2imf 606 $aStandards$2imf 606 $aRegimes$2imf 606 $aGovernment and the Monetary System$2imf 606 $aPayment Systems$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aMonetary economics$2imf 606 $aBanking$2imf 606 $aForeign currency exposure$2imf 606 $aForeign banks$2imf 606 $aDomestic credit$2imf 606 $aBank credit$2imf 606 $aMoney$2imf 606 $aFinancial institutions$2imf 606 $aCredit$2imf 606 $aForeign exchange market$2imf 606 $aBanks and banking$2imf 606 $aBanks and banking, Foreign$2imf 607 $aUnited States$2imf 615 0$aBanks and banking, International 615 0$aBanks and banking 615 7$aBanks and Banking 615 7$aMoney and Monetary Policy 615 7$aFinancial Crises 615 7$aMonetary Systems 615 7$aStandards 615 7$aRegimes 615 7$aGovernment and the Monetary System 615 7$aPayment Systems 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aMonetary economics 615 7$aBanking 615 7$aForeign currency exposure 615 7$aForeign banks 615 7$aDomestic credit 615 7$aBank credit 615 7$aMoney 615 7$aFinancial institutions 615 7$aCredit 615 7$aForeign exchange market 615 7$aBanks and banking 615 7$aBanks and banking, Foreign 676 $a332.152 700 $aAiyar$b Shekhar$01095044 701 $aJain-Chandra$b Sonali$01670283 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910816178003321 996 $aThe Domestic Credit Supply Response to International Bank Deleveraging$94081043 997 $aUNINA