What drives credit growth in emerging Asia?
| Autor: | Selim Elekdag, Fei Han |
|---|---|
| Rok vydání: | 2015 |
| Předmět: |
Inflation
Western hemisphere Economics and Econometrics Informal sector Economic sector media_common.quotation_subject Monetary policy Monetary economics Identification (information) Time-Series Models Econometric Modeling: General Open Economy Macroeconomics [Economic models Emerging markets Cross country analysis Credit expansion Credit booms Flexible exchange rates Shock identification rapid credit growth emerging Asia SVAR Bayesian estimation sign restrictions aggregate demand domestic monetary policy inflation financial stability What Drives Credit Growth in Emerging Asia? Multiple or Simultaneous Equation Models] Economics General Earth and Planetary Sciences Economic model Foreign exchange Aggregate demand Finance General Environmental Science media_common |
| Zdroj: | Journal of Asian Economics. 38:1-13 |
| ISSN: | 1049-0078 |
| DOI: | 10.1016/j.asieco.2015.03.001 |
| Popis: | This paper seeks to uncover the main drivers of credit growth in emerging Asia using a multi-country structural vector autoregressive (SVAR) model. We propose an innovative identification strategy in a two-block SVAR model whereby shocks within blocks are identified using sign restrictions, whereas shocks across the blocks are identified using a block-recursive structure. We find that domestic factors are more dominant than external factors in terms of driving rapid credit growth in emerging Asia. This is particularly true for domestic monetary policy, which can play a pivotal role in managing rapid credit growth in emerging Asia. |
| Databáze: | OpenAIRE |
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