Restructuring Korea's Financial Sector for Greater Competitiveness
AbstractFinancial systems in many developing countries are said to be "financially repressed". The government intervenes heavily in the economy, segmenting financial markets, placing artificial ceilings on interest rates, and directly allocating credit among enterprises as it sees fit. The likely result is that the total amount of savings is lower than it should be, and the allocation of the total among its possible uses is inefficient. Disequilibrium in the financial markets generates rents which may be allocated through corruption. These distortions become severe when the real economy develops rapidly and profitable real investment opportunities abound, and yet the financial system lags behind.
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Bibliographic InfoPaper provided by Peterson Institute for International Economics in its series Working Paper Series with number WP96-14.
Date of creation: 1996
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- Marcus Noland, 2007.
"South Korea's Experience with International Capital Flows,"
in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, pages 481-528
National Bureau of Economic Research, Inc.
- Marcus Noland, 2005. "South Korea's Experience with International Capital Flows," Working Paper Series WP05-4, Peterson Institute for International Economics.
- Marcus Noland, 2005. "South Korea's Experience with International Capital Flows," NBER Working Papers 11381, National Bureau of Economic Research, Inc.
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