Was the credit channel a key monetary transmission mechanism following the recent financial crisis in the Republic of Korea?
Hyun E. Kim, World Bank. East Asia and Pacific Regional Office. Financial Sector Development Sector Unit
World Bank, East Asia and Pacific Sector Units, Financial Sector Development Unit, 1999 - Business & Economics - 32 pages
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aftermath amplifying the real bank lending channel bank loans Bank of Korea banking sector base money billion Won call rate capital/asset ratios credit channel credit crunch credit market crisis in December Cumulative Response dampening effect December 1997 episode demand and supply demand for bank demand for loans effects of tightened episode of restrictive external finance focal episode forecast errors identify impulse responses index of industrial industrial production industrial production index instrument variables interest rate channel Kashyap and Stein lag length lending volume loan demand effects loan rate loan supply effects major corporate bankruptcies massive credit squeeze medium-sized firms model of loan monetary contraction monetary tightening monetary transmission mechanism open market operations percent prediction real economic activity real effects restrictive monetary policy role in amplifying RP rate securities holding severe monetary Simeon Djankov small and medium-sized small banks sources of external supply functions tightened monetary policy tighter liquidity constraints variables vector autoregressive