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Sources of Corporate Financing and Economic Crisis in Korea: A Micro-evidence

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Author Info
Youngjae Lim
Abstract

Using the firm-level data set, the paper attempts to examine the dynamic patterns in the allocation of credit across firms in recent Korea. In particular, the paper examines the dynamic patterns in the allocation of credit across large and small firms before and after the crisis. The data suggest that large firms, to some extent, are leaving banks and going to the capital market for their financing after the crisis. The data also suggest that profitable small firms are gaining easier access to the credit from financial institutions after the crisis. Is this shift (in the allocation of bank credit from large firms to small firms) due to lenders' choice or due to borrowers' changed incentives? The paper suggests that the improved lending practices of banks, at least partially, contributed to this shift of bank credit from large firms to small firms.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 9575.

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Date of creation: Mar 2003
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Handle: RePEc:nbr:nberwo:9575

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G3 - Financial Economics - - Corporate Finance and Governance
G2 - Financial Economics - - Financial Institutions and Services

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  1. DeLisle Worrell, 2004. "Quantitative Assessment of the Financial Sector: An Integrated Approach," IMF Working Papers 04/153, International Monetary Fund. [Downloadable!]
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This page was last updated on 2009-12-14.

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