Capital Flows and Economic Fluctuations

Released on by Yong Sarah Zhou
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  • Capital Flows and Economic Fluctuations Book Detail

  • Author : Yong Sarah Zhou
  • Release Date : 2008
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 36
  • ISBN 13 :
  • File Size : 43,43 MB
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Capital Flows and Economic Fluctuations by Yong Sarah Zhou PDF Summary

Book Description: This paper uses a general equilibrium model to examine the central role played by commercial banks in intermediating and amplifying the capital flow shocks to the local economy in the 1997 Asia financial crisis. It finds that a sudden stop of capital inflows affects the equilibrium credit supply through two channels: first, the plunge of foreign financing decreases the loanable funds directly; and second the sudden stop drives up the cost of providing banking services, thereby additionally reducing the available bank credit to firms through a "deposit run". Empirical results from a VAR model broadly support the theoretical implications.

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