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Restructuring Korea's Financial Sector for Greater Competitiveness

  • Marcus Noland

    ()

    (Peterson Institute for International Economics)

Financial 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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Paper provided by Peterson Institute for International Economics in its series Working Paper Series with number WP96-14.

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Date of creation: 1996
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Handle: RePEc:iie:wpaper:wp96-14
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