Was The Credit Channel A Key Monetary Transmission Mechanism Following The Recent Financial Crisis In The Republic Of Korea

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Was The Credit Channel A Key Monetary Transmission Mechanism Following The Recent Financial Crisis In The Republic Of Korea

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Author : Hyun E. Kim
language : en
Publisher: World Bank Publications
Release Date : 1999

Was The Credit Channel A Key Monetary Transmission Mechanism Following The Recent Financial Crisis In The Republic Of Korea written by Hyun E. Kim and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Bank loans categories.

Was The Credit Channel A Key Monetary Transmission Mechanism Following The Recent Financial Crisis In The Republic Of Korea

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Author : Hyun E. Kim
language : en
Publisher:
Release Date : 2016

Was The Credit Channel A Key Monetary Transmission Mechanism Following The Recent Financial Crisis In The Republic Of Korea written by Hyun E. Kim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.

A marked decline in bank lending after the recent financial crisis in the Republic of Korea amplified the real effects of the tightened monetary policy implemented in response to the crisis. A substantial excess demand for bank loans in the wake of the crisis was caused essentially by a capital-induced bank credit crunch rather than by a weak demand for loans. This finding reveals compelling evidence of the importance of the credit channel after the crisis.Kim investigates whether the credit channel is a key monetary transmission mechanism in the Republic of Korea, especially after its recent financial crisis.To identify the existence of a distinctive credit channel (especially the bank lending channel), he applies two empirical tests to both aggregate financial data and disaggregated bank balance sheet data.As a more definitive analysis of the role of the credit channel, he estimates a disequilibrium model of the bank loan market, specifying separate loan demand and supply equations to characterize the credit crunch and identify its intensity in the wake of the crisis.He finds convincing evidence of the importance of the credit channel in the aftermath of the crisis. Bank lending plays a significant independent role in amplifying the real effects of the tightened monetary policy implemented in response to the crisis.There is strong evidence to suggest a substantial excess demand for bank loans following the crisis. This excess demand was caused by a sharp decline in loan supply largely attributable to pervasive and stringent bank capital regulation (a capital-induced bank credit crunch), rather than by weak demand for loans.This paper - a product of the Financial Sector Development Unit, East Asia and Pacific Sector Units - was presented at the international conference on Exchange Rate Stability and Currency Board Economics on November 18-29, 1998, in Hong Kong. The author may be contacted at [email protected].

Was The Credit Channel A Key Monetary Transmission Mechanism Following The Recent Financial Crisis In The Republic Of Korea

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Author : Hyun E. Kim
language : en
Publisher: World Bank Publications
Release Date : 1999

Was The Credit Channel A Key Monetary Transmission Mechanism Following The Recent Financial Crisis In The Republic Of Korea written by Hyun E. Kim and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Bank loans categories.

The Korean Financial Crisis Of 1997 A Strategy Of Financial Sector Reform

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Author : Mr.Angel J. Ubide
language : en
Publisher: International Monetary Fund
Release Date : 1999-03-01

The Korean Financial Crisis Of 1997 A Strategy Of Financial Sector Reform written by Mr.Angel J. Ubide and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-03-01 with Business & Economics categories.

After years of strong performance, Korea’s economy entered a crisis in 1997, owing largely to structural problems in its financial and corporate sectors. These problems emerged in the second half of that year, when the capital inflows that had helped finance Korea’s growth were reversed, as foreign investors—reeling from losses in other Southeast Asian economies—decided to reduce their exposure to Korea. This paper focuses on the sources of the crisis that originated in the financial sector, the measures taken to deal with it, and the evolution of key banking and financial variables in its aftermath.

The Monetary Transmission Mechanism In The Tropics

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Author : Mr.Andrew Berg
language : en
Publisher: International Monetary Fund
Release Date : 2013-09-20

The Monetary Transmission Mechanism In The Tropics written by Mr.Andrew Berg and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-09-20 with Business & Economics categories.

Many central banks in low-income countries in Sub-Saharan Africa are modernising their monetary policy frameworks. Standard statistical procedures have had limited success in identifying the channels of monetary transmission in such countries. Here we take a narrative approach, following Romer and Romer (1989), and center on a significant tightening of monetary policy that took place in 2011 in four members of the East African Community: Kenya, Uganda, Tanzania and Rwanda. We find clear evidence of the transmission mechanism in most of the countries, and argue that deviations can be explained by differences in the policy regime in place.

The Relative Effects Of Skill Formation And Job Matching On Wage Growth In Ethiopia

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Author : Taye Mengistae
language : en
Publisher: World Bank Publications
Release Date : 1999

The Relative Effects Of Skill Formation And Job Matching On Wage Growth In Ethiopia written by Taye Mengistae and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Crecimiento economico categories.

Abstract: April 1999 - Estimated age and job seniority profiles of wages and marginal productivity in Ethiopia suggest that both skill formation and job matching significantly affect growth of wages and productivity over time. However, job matching is by far the more important of the two sources of growth in wages and productivity. Mengistae analyzes production and labor market data for a random selection of small to medium-size firms in Ethiopia to answer two questions: Does a worker's marginal productivity increase with time in the labor market or with job seniority, as must be the case if on-the-job skill formation or job matching has anything to do with the dynamics of wages observed in the data? Assuming that marginal productivity grows with experience or seniority, is skill formation more or less important than job matching as a source of growth in productivity? The main feature of Mengistae's analysis is the joint regression of the log of the average product of hours in a firm and the log of average hourly earnings of a firm's employees on the shares of experience-seniority cells of workers in total annual hours in the firm. Marginal productivity falls as experience in the labor market passes the 15-year mark, but the expected marginal product of a mobile worker with 16 or more years of experience is still nearly 80 percent higher than that of the base group. The between-jobs growth of hourly wages with potential experience is also large, but not as large as growth in marginal productivity for workers with less than 15 years of experience. Mengistae concludes that job matching is far more important than skill formation as a source of growth in productivity. Net mobility gains account for at least twice the share of the return to skill formation in the observed between-jobs growth of wages with market experience. The rate of return to skills formation is higher in the United States than in Ethiopia. The relative return to skills formation is probably lower in Ethiopia partly because the flow of information about the labor market is more restricted there. This paper-a product of the Development Research Group-is part of a larger effort in the group to identify firm-level sources of growth in productivity. The author may be contacted at [email protected].

Developing Countries And The Next Round Of Multilateral Trade Negotiations

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Author : Anne O. Krueger
language : en
Publisher: World Bank Publications
Release Date : 1999

Developing Countries And The Next Round Of Multilateral Trade Negotiations written by Anne O. Krueger and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Agriculture categories.

Access To Land In Rural India

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Author : Robin Mearns
language : en
Publisher: World Bank Publications
Release Date : 1999

Access To Land In Rural India written by Robin Mearns and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Agrarian Structure categories.

Abstract: May 1999 - Access to land is deeply important in rural India, where the incidence of poverty is highly correlated with lack of access to land. The author provides a framework for assessing alternative approaches to improving access to land by India's rural poor. He considers India's record implementing land reform and identifies an approach that includes incremental reforms in public land administration to reduce transaction costs in land markets (thereby facilitating land transfers) and to increase transparency, making information accessible to the public to ensure that socially excluded groups benefit. Reducing constraints on access to land for the rural poor and socially excluded requires five key issues: restrictions on land-lease markets, the fragmentation of holdings, the widespread failure to translate women's legal rights into practice, poor access to (and encroachment on) the commons, and high transaction costs for land transfers. Among guidelines for policy reform the author suggests: Selectively deregulate land-lease (rental) markets, because rental markets may be important in giving the poor access to land; Reduce transaction costs in land markets, including both official costs and informal costs (such as bribes to expedite transactions), partly by improving systems for land registration and management of land records; Critically reassess land administration agencies and find ways to improve incentive structures, to reduce rent-seeking and base promotions on performance; Promote women's independent land rights through policy measures to increase women's bargaining power within the household and in society generally; Improve transparency of land administration and public access to information, to reduce rent-seeking by land administration officers and to strengthen poor people's land rights (and knowledge thereof); Strengthen institutions in civil society to provide the awareness, monitoring, and pressure needed for successful reform and to provide checks and balances on inappropriate uses of state power; In a companion paper (WPS 2124) the author addresses these issues at the level of a particular state - Orissa, one of India ' s poorest states - in an empirical study, from a transaction costs perspective, of social exclusion and land administration. This paper - a product of the Rural Development Sector Unit, South Asia Region - is part of a larger effort in the region to promote access to land and to foster more demand-driven and socially inclusive institutions in rural development.

From Outward Orientation To New Internal Capabilities

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Author : Ashoka Mody
language : en
Publisher: World Bank Publications
Release Date : 1999

From Outward Orientation To New Internal Capabilities written by Ashoka Mody and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.

Wage Determination And Gender Discrimination In A Transition Economy

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Author : Stefano Paternostro
language : en
Publisher: World Bank Publications
Release Date : 1999

Wage Determination And Gender Discrimination In A Transition Economy written by Stefano Paternostro and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Empleo categories.