The Credit Crunch in Thailand during the 1997-98 Crisis: Theoretical and operational issues with the JEXIM survey by
نویسندگان
چکیده
This paper uses the “creditist” theoretical framework that explains credit rationing by financial market imperfections to analyze the developments in Thailand’s credit market during the 19971998 currency and financial crisis. In section II, after reviewing the literature, we propose our definition of a “credit crunch” and its transmission channels. Then, we look for empirical tests in Thailand and find many features where both the monetary data (section III) and the results of a specially designed survey for commercial banks (section IV) confirm the existence of a credit crunch according to our definition. We finally derive in section V. operational (policy) implications from our results.
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