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|Title:||Excess credit and the South Korean crisis |
|Authors:||Demetriades, Panicos O.|
Fattouh, Bassam A.
|Issue Date:||2006 |
|Series/Report no.:||Research Paper, UNU-WIDER, United Nations University (UNU) 2006/84|
|Abstract:||We provide a novel empirical analysis of the South Korean credit market that reveals large volumes of excess credit since the late 1970s, indicating that a sizeable proportion of total credit was being used to refinance unprofitable projects. Our findings are consistent with theoretical literature that suggests that soft budget constraints and over-borrowing were significant factors behind the Korean financial crisis of 1997-98.|
|Document Type:||Working Paper|
|Appears in Collections:||WIDER Research Papers, United Nations University (UNU)|
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