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Title:Excess credit and the South Korean crisis PDF Logo
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.
South Korea
financial crisis
Document Type:Working Paper
Appears in Collections:WIDER Research Papers, United Nations University (UNU)

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