Agénor, Pierre-Richard; Aizenman, Joshua; Hoffmaister, … - National Bureau of Economic Research (NBER) - 2000
The paper proposes a two-step approach to assessing the extent to which the fall in credit in crisis-stricken East Asian countries was a supply- or demand-induced phenomenon. The first step is based on the estimation of a demand function for excess liquid assets by commercial banks. Such a...