The Asian financial crisis in 1997/98 and the U.S sub-prime
mortgage crisis in 2007/08 have led to billions in losses and panic
in world financial markets, a sharp fall in share prices and a
contraction of credit markets. These events have raised further
questions on the role of credits, monetary policy and financial
markets for attaining macroeconomic stability. The book relates to
the above issues by providing new evidence for the credit channel
of monetary transmission mechanism. The book highlights that
financially constrained firms are severely affected during times of
increasing interest rates; firm-specific characteristics are an
important factor in explaining the corporate financing choices of
firms; different monetary conditions affect the rate of interest
charged by borrowers to firms; external and internal financing are
important determinants of firms' investment behaviour, and
consistent with other empirical evidences, bank lending channel
operating via small and low liquidity institutions.
General
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