Financial crisis and credit crunch in Korea: evidence from firm-level data
Financial crisis and credit crunch in Korea: evidence from firm-level data
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DOI：
10.1016/s0304-3932(02)00116-2
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发表时间：
2002-05-01
影响因子：
4.1
通讯作者：
Lee, JW
中科院分区：
文献类型：
--
作者：
Borensztein, E;Lee, JW
本文分析了韩国金融危机后的信贷紧缩。使用企业层面的数据，我们发现，有很大的差异，在不同类型的企业之间的信贷收缩的幅度。特别是，财阀（联合企业）的关联企业似乎已经失去了在危机前时期享有的信贷优惠，信贷似乎已经重新分配，有利于效率更高的企业。这表明，某些部门的信贷紧缩可以归因于银行和企业对金融部门重组的调整，而不是紧缩的货币政策或外部信贷限制。(C)2002 Elsevier Science B.V.保留所有权利。
This paper analyzes the credit crunch following the recent financial crisis in Korea. Using enterprise-level data, we find that there were big differences in the magnitude of the credit contraction across different types of firms. In particular, chaebol (conglomerate)-affiliated firms appeared to have lost the preferential access to credit that they had enjoyed in the precrisis period, and credit appears to have been reallocated in favor of more efficient firms. This suggests that the credit crunch suffered by certain sectors can be attributed to the adjustment by banks and enterprises to the restructuring of the financial sector, rather than tight monetary policy or an external credit constraint. (C) 2002 Elsevier Science B.V. All rights reserved.