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The Role of Kamco in Resolving Nonperforming Loans in the Republic of Korea

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Author Info

  • Dong He
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Abstract

This paper aims to provide a balanced assessment of Korea Asset Management Corporation''s role in resolving nonperforming loans in the aftermath of the 1997-98 financial crisis. It argues that KAMCO''s incentive to dispose of NPLs can be explained by a strong social desire for a recovery of public funds injected for financial sector restructuring. KAMCO''s market-making role also helped overcome informational and coordination problems in the development of a market for distressed assets.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 04/172.

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Length: 23
Date of creation: 01 Sep 2004
Date of revision:
Handle: RePEc:imf:imfwpa:04/172

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Related research

Keywords: Bank restructuring; financial sector; bonds; financial institutions; asset management; deposit insurance; financial crisis; asset management companies; financial system; asset classification; cash flows; reprivatization; crisis management; discount rate; financial markets; interest coverage ratio; treasury bonds; currency crisis; guaranteed bonds; bond; bond offerings; present value; discount rates; cash flow; capital adequacy; debt restructuring; housing bond; future cash flow; financial sector crisis; recapitalization; corporate sector; stock exchange; prudential regulation and supervision; liquidity support; banking crises; financial restructuring; prudential regulation;

This paper has been announced in the following NEP Reports:

References

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  1. Stefan N. Ingves & Steven A. Seelig & Dong He, 2004. "Issues in the Establishment of Asset Management Companies," IMF Policy Discussion Papers 04/3, International Monetary Fund.
  2. He, Dong, 2003. "Budget Formulation and Implementation in Korea: A Macroeconomic Perspective," MPRA Paper 9756, University Library of Munich, Germany.
  3. Leslie Teo & Charles Enoch & Carl-Johan Lindgren & Tomás J. T. Baliño & Anne Marie Gulde & Marc Quintyn, 2000. "Financial Sector Crisis and Restructuring," IMF Occasional Papers 188, International Monetary Fund.
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Citations

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Cited by:
  1. Byung S. Min, 2007. "Changing Pattern Of Corporate Governance And Financing In The Korean Chaebols," Economic Papers, The Economic Society of Australia, vol. 26(3), pages 211-230, 09.
  2. Diego Valderrama, 2005. "Fiscal sustainability and contingent liabilities from recent credit expansions in South Korea and Thailand," Economic Review, Federal Reserve Bank of San Francisco, pages 29-41.
  3. Daniel C. Hardy, 2013. "Bank Resolution Costs, Depositor Preference, and Asset Encumbrance," IMF Working Papers 13/172, International Monetary Fund.
  4. Liu, Wan-Chun & Hsu, Chen-Min, 2006. "The role of financial development in economic growth: The experiences of Taiwan, Korea, and Japan," Journal of Asian Economics, Elsevier, vol. 17(4), pages 667-690, October.

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