This paper investigates whether there was a credit crunch in East Asia during the recent financial and economic crises. Motivated by widespread concern that, over and above any increases in real interest rates, corporates may have also faced credit rationing, we adopt an explicit disequilibrium...

This paper presents further empirical evidence on the relationship between black market and official exchange rates in six emerging economies (Iran, India, Indonesia, Korea, Pakistan, and Thailand). First, it applies both time series techniques and heterogeneous panel methods to test for the...