Financial Crisis and the Effects on Bank Credits – Evidence from Taiwan
2005/09/13
研討會日期 : 2005-09-13
時間 : 15:00
主講人 : Prof. Wang, Hung-Jen
地點 : B棟110室
演講者簡介 : Prof. Wang, Hung-Jen 為Ph.D. in Economics，University of Michigan (1998)。
現為本所副研究員。
其主要研究領域為Investment、Monetary Policy及Applied Econometrics。
演講摘要 : In the aftermath of the Asian financial crisis, Taiwan’s bank credits slowed down dramatically while the economy experienced one of the worst recessions in recent history. Whether the slowdown was mainly caused by the demand or the supply effect is unclear. An innovative approach is adopted in the empirical investigation, which uses the short-side rule of bank loans’ market transactions to help infer the relative shifts of the demand and supply, as well as to identify factors contributing to the changes in demand and supply. For the disaggregate data, a novel model is proposed in this paper which accommodates the short-side rule and yet requires only data from the borrowers or the lenders. We find that a large decline in supply is mainly responsible for the slowdown, and we identify the deposit drain and the increase in overdue loans as the main contributing factors. On the demand side, the results indicate that smaller firms are disproportionately affected by the credit cutback. We also find that shrinkages in alternative financing sources may have indirectly contributed to the excess demand in the bank loan market.
