Financial Liberalization and Korean Corporations' Financing Policy for Globalization  

Oleh:

Dongsuk, Suh ; Kim, Duk-Choong

Jenis: Article from Bulletin/Magazine
Dalam koleksi: Journal of Asian Economics vol. 9 no. 1 (1998), page 31-66.
Topik: globalization; financial liberalization; corporations; financing policy; globalization

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ50.2 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Since the early 1960s to the present, Korean financial sectors have lagged behind compared to the remarkable and phenomenal economic growth of real sectors. A prolonged period of financial repression have undermined the development of a competitive and efficient financial market and institutions. Government - controlled finance has undermined the autonomy and accountability of banking institutions. Due to a skyrocketing bad loans in banking institutions, nonfinancial firms that have high debt ratio and weak financial structure could not finance their financial deficits (i. e., saving - investment gap) effectively from domestic sources of funds; especially from bank loan capital. The risk of financial instability is magnified by the recent banking crisis. To meet the challenges and competitive environments induced by the OECD membership, more exposure to foreign competition in the real sector as well as financial sector is required. We cannot further delay the opening of domestic capital markets to foreigners as well as the foreign capital markets to domestic residents. Capital - account liberalization will enhance the competitiveness and efficiency of financial transactions for Korean corporations. For this, extensive measures for financial reforms are currently implemented in Korea.

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