Financing Growth without Banks: Korean Housing Repo Contract
Imperfect financial intermediation is a key bottleneck in economic development. Korea's unique Jeonse or housing repo contract channels funds directly from tenant/lenders to landlord/entrepreneurs, by-passing the banking system. In a housing repo, the landlord/entrepreneur puts up the house as collateral when borrowing from the tenant/lender. The lender's loan is secured by living in the collateral asset, lowering the cost of capital and increasing credit. Jeonse has been the dominant form of rental contract in Korea, and has served as a mode of direct debt financing that by-passes the banking sector.
|Date of creation:||2013|
|Contact details of provider:|| Postal: Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA|
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- Andrea L. Eisfeldt & Adriano A. Rampini, 2009.
"Leasing, Ability to Repossess, and Debt Capacity,"
Review of Financial Studies,
Society for Financial Studies, vol. 22(4), pages 1621-1657, April.
- Andrea Eisfeldt & Adriano Rampini, 2006. "Leasing, Ability to Repossess, and Debt Capacity," 2006 Meeting Papers 461, Society for Economic Dynamics.
- Adriano Rampini & Andrea Eisfeldt, 2007. "Leasing, Ability to Repossess, and Debt Capacity," Working Papers 07-19, Center for Economic Studies, U.S. Census Bureau.
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