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Business Sector Debt, Capital Markets Expansion and Liberalization in South Korea: Evidence from National Accounts Data

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  • Domenica Tropeano

    (University of Macerata)

Abstract

In this work the�sources of investment financing in South Korea in the period 1970-1997 are calculated�following the same method used by Colin Mayer and Jenny Corbett in their influential works. An anomaly of the Korean case is stressed. In the period before the financial crisis of 1997 the gross share of loans in investment finacning does not decrease while the net one�instead does. The reason may be the accumulation of financial (bank and other institutions) assets on the assets side of the corporate sector. This in turn may be due to timing of the�liberalization of interest rates�in that country. Interest rates on banks liabilities were liberalized before interest rates on bank assets. As a consequence of this timing the latter increased to very high levels while the former stayed constant.

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Bibliographic Info

Paper provided by Macerata University, Department of Finance and Economic Sciences in its series Working Papers with number 10-2001.

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Date of creation: Oct 2001
Date of revision: Oct 2008
Handle: RePEc:mcr:wpdief:wpaper00010

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Keywords: Investment financing; Financial liberalization; Net proportions; National accounts;

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  1. Steven Radelet & Jeffrey D. Sachs, 1998. "The East Asian Financial Crisis: Diagnosis, Remedies, Prospects," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 1-90.
  2. Mayer, Colin, 1987. "New Issues in Corporate Finance," CEPR Discussion Papers 181, C.E.P.R. Discussion Papers.
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