Banking Crises: Cases and Issues by Vasudevan Sundararajan , Tomás J. T. Baliño, Editors

By Vasudevan Sundararajan , Tomás J. T. Baliño, Editors

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MALAYSIA All interest rates were formally liberalized in 1978, but effectively so in 1982. Controls on short-term deposit rates were temporarily im- Capital flows are fairly free in practice. Foreign borrowing by residents and holding of accounts abroad are subject to approval. Banks' foreign Floating rates with inter- Mo formal deposit insurvention by the central ance system exists. bank using a set of indicators. ©International Monetary Fund. Not for Redistribution The crisis began in July 1985 with short-lived runs a g a i n s t some branches of a large domestic bank, stimulated by rumors following the Issues in Recent Banking Crises • 41 were tightened and adjusted in line with inflation.

International Monetary Fund. Not for Redistribution Issues in Recent Banking Crises • 25 Year Total Central Bank Credit as a Percentage of Reserve Money in Six of the Sample Countries, 1974-86 26 • V. T. BALINO The Role of Credit Market Conditions The role of credit market conditions in crises differed across the sample countries. The extent to which caution on the part of bankers, and the resulting credit rationing, accelerated business bankruptcies in the sample countries is not fully clear, although there is some evidence to this effect.

Statistically significant at the 5 percent level. bidirectional for private sector credit. These results are somewhat surprising, given the importance of credit in financing economic growth and the substantial variability in both credit and output in the three countries under consideration. It may be concluded that shocks from other variables overshadowed the importance of credit as a determinant of output—and of output as a determinant of credit—in the countries and the periods considered here.

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