Descripción del título
"Asia-Pacific Capital Marke...
The apparent success of several East Asian countries in sterilizing capital inflows seems to contradict findings of high capital mobility. This paper argues that empirical studies examining money market rates may be misleading, since most lending is mediated through domestic banking systems. In developing countries with repressed domestic financial markets bank deposit yields might be closely tied to international interest rates but bank loan rates might be more independent. A simple open-economy macro model incorporating bank credit is used to motivate alternative tests of financial market integration. Capital inflows are found to affect bank lending in cases where deposit and loan markets are integrated with world markets and hence sterilization is not effective. In cases where loan rates are more independent sterilization seems to be more effective. Next, we examine the effect of bank lending on economic activity. The data suggest that the link between bank credit and investment is important in countries with isolated bank loan markets
Monografía
monografia Rebiun36519683 https://catalogo.rebiun.org/rebiun/record/Rebiun36519683 m o d cr ||||||||||| 120107s1995 mau o 000 0 eng d 72460165 1027329438 1065707308 1119512697 1243103732 1407222698 UAO ocn756568963 DKDLA eng pn DKDLA OCLCQ COO OCLCQ OCLCO OCLCQ KIJ WYU YOU OCLCQ OCLCO OCLCQ NBERS OCLCO OCLCQ OCLCL OCLCQ 330 OCoLC F36 jelc F41 jelc "Asia-Pacific Capital Markets Measurement of Integration and the Implications for Economic Activity" Menzie Chinn, Michael Dooley Cambridge, Mass. National Bureau of Economic Research 1995 Cambridge, Mass. Cambridge, Mass. National Bureau of Economic Research 1 online resource 1 online resource Text txt rdacontent computer c rdamedia online resource cr rdacarrier NBER working paper series no. w5280 The apparent success of several East Asian countries in sterilizing capital inflows seems to contradict findings of high capital mobility. This paper argues that empirical studies examining money market rates may be misleading, since most lending is mediated through domestic banking systems. In developing countries with repressed domestic financial markets bank deposit yields might be closely tied to international interest rates but bank loan rates might be more independent. A simple open-economy macro model incorporating bank credit is used to motivate alternative tests of financial market integration. Capital inflows are found to affect bank lending in cases where deposit and loan markets are integrated with world markets and hence sterilization is not effective. In cases where loan rates are more independent sterilization seems to be more effective. Next, we examine the effect of bank lending on economic activity. The data suggest that the link between bank credit and investment is important in countries with isolated bank loan markets Financial Aspects of Economic Integration. Open Economy Macroeconomics. International Economics Financial Aspects of Economic Integration International Economics Open Economy Macroeconomics Dooley, Michael Chinn, Menzie National Bureau of Economic Research Working paper series (National Bureau of Economic Research) no. w5280