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Financial reform and the efficiency of credit allocation in Korea

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  • Eduardo Borensztein
  • Jong-Wha Lee

Abstract

This study analyzes some of the structural problems associated with the Korean financial sector, and investigates the efficiency of credit allocation by the financial system over the period from 1970 to 1996. Using data at the level of 32 industrial branches, we find no evidence that credit flows were directed sectors that were more profitable, either before or after financial reforms were initiated in the 1980s. We also find that the financial support did not contribute to improve the performance of the favored industries over time.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/1384128042000328941
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Journal of Economic Policy Reform.

Volume (Year): 8 (2005)
Issue (Month): 1 ()
Pages: 55-68

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Handle: RePEc:taf:jpolrf:v:8:y:2005:i:1:p:55-68

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Related research

Keywords: Credit allocation; Financial reform; Korea; JEL Codes: E44; G15; O16; O53;

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  1. Arturo Galindo & Fabio Schiantarelli & Andrew Weiss, 2002. "Does Financial Liberalization Improve the Allocation of Investment?: Micro Evidence from Developing Countries," Research Department Publications 4295, Inter-American Development Bank, Research Department.
  2. Leipziger, D.M. & Petri, P.A., 1993. "Korean Industrial Policy: Legacies of the Past and Directions for the Future," World Bank - Discussion Papers 197, World Bank.
  3. Cho, Yoon Je, 1988. "The effect of financial liberalization on the efficiency of credit allocation : Some evidence from Korea," Journal of Development Economics, Elsevier, vol. 29(1), pages 101-110, July.
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