Changes in financial intermediation and business cycle synchronization in emerging Asian economies

在东亚，银行从2000年左右开始从以企业为重点的贷款转向以家庭为重点的贷款。金融中介模式的这种变化影响了整个东亚经济体的宏观金融联系以及金融和商业周期的同步。然而，东亚各经济体金融中介的变化程度各不相同。在本世纪头十年，对于家庭信贷更发达的经济体来说，房价周期和商业周期之间的同步程度有所提高。而且，在家庭信贷更发达的经济体中，房价和商业周期的同步性程度有所提高。

In East Asia, banks have shifted from corporate focused lending to household focused lending since about 2000. This change in the pattern of financial intermediation has affected the macro-financial linkages and the financial and business cycle synchronizations across East Asian economies. However, the degrees of the change in financial intermediation vary across East Asian economies. The degree of synchronization between housing-price cycle and business cycles has increased in the 2000s for economies with more highly developed household credits. And, the degree of housing-price and business cycle synchronizations across economies with more highly developed household credits has increased.