Three Essays On The Transmission Of The Korean Financial Crisis To The Real Sector

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Three Essays On The Transmission Of The Korean Financial Crisis To The Real Sector

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Author : Jong Hun Kim
language : en
Publisher:
Release Date : 2005

Three Essays On The Transmission Of The Korean Financial Crisis To The Real Sector written by Jong Hun Kim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Corporations categories.

The main purpose of this dissertation is to identify the prominent channels through which financial decisions are transmitted to real economic activities with three different empirical studies. The first essay examines investment behavior and the effects of financing constraints among Korean manufacturing firms before and after the 1997 financial crisis using a firm-level panel data. The results indicate that investment depends on both sales and the level of cash balances. Firms' financing constraints, as measured by their cash balances, turn out to be binding in financially "weaker" groups such as younger firms and those with lower dividend payouts. The second essay identifies the role of non-monetary factors using a methodology similar to Bernanke's (1983) study of the Great Depression in the United States. We find that increases in the spread between market interest rates and government bond yields, which is a measure of the cost of credit intermediation, whether caused by shifts in business risk or lowered expectations for the Korean economy among international investors, explain the decline in output more fully than frameworks relying only on a fall in the real stock of money. The results, obtained from structural regression equations, unrestricted vector autoregressive systems, and the accompanying dynamic forecasts, suggest that the causes of the crisis lie in factors far deeper than shifts in precautionary and speculative demands for the won. We also find that the credit crunch following the crisis affected light industry more emphatically than heavy industry. The third essay examines the impact of financial factors on economic growth in several East Asian countries using macroeconomic panel data and various estimation techniques. The dynamic panel vector autoregressive analysis shows that growth in these countries was to some extent "finance-led." We do not find that the relationship between finance and growth differs between the four countries that experienced crises (Indonesia, Korea, Malaysia and Thailand) and the other countries that did not. The results suggest that we may not be able to blame the financial sector solely as the main trigger of the economic crisis. While these essays focus on the 1997 East Asian crisis, and may give more attention on the Korean episode, we believe that they shed light on financial and economic developments more generally since the crisis could happen to any country, especially when they are on a path to having more developed and internationally open economies.

Three Essays In Finance

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Author : Jaemin Baik
language : en
Publisher:
Release Date : 2016

Three Essays In Finance written by Jaemin Baik and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Electronic dissertations categories.

Essays On The Korean Crisis

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Author : Ginil Kim
language : en
Publisher:
Release Date : 2002

Essays On The Korean Crisis written by Ginil Kim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Currency crises categories.

Three Essays On Macroeconomic Theory

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Author : Heegab Choi
language : en
Publisher:
Release Date : 1994

Three Essays On Macroeconomic Theory written by Heegab Choi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Capital investments categories.

Credit Allocation And Financial Crisis In Korea

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Author : Mr.Eduardo Borensztein
language : en
Publisher: International Monetary Fund
Release Date : 1999-02-01

Credit Allocation And Financial Crisis In Korea written by Mr.Eduardo Borensztein and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-02-01 with Business & Economics categories.

This paper analyzes some of the structural problems associated with the Korean financial sector, and investigates whether the financial system has allocated credit in an efficient way over the past three decades. Using data for 32 manufacturing sectors, we find no evidence that credit flows were directed to the relatively more profitable sectors, either before or after the financial reforms. We also find that the flow of credits did not contribute to improve the economic performance of the favored industries over time.

The Causes Of The Imf Crisis In South Korea What Experts Say

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Author : Juhyuk Park
language : en
Publisher:
Release Date : 2021-01-08

The Causes Of The Imf Crisis In South Korea What Experts Say written by Juhyuk Park and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-01-08 with categories.

Seminar paper from the year 2011 in the subject Economics - Finance, grade: A, The University of North Carolina at Chapel Hill, course: Advanced Macroeconomics, language: English, abstract: What had happened to Korea, and why did the nation have to face the IMF crisis in 1997 all of a sudden? To see what the causes for the crisis were, analyses from six essays of scholars and experts in the field of economics will be introduced and compared. While they have similar and different views for the causes at the same time, their views can be grouped into two categories: internal factors and external factors. When the Korean currency crisis broke out, the IMF and many scholars focused the whole crisis on Korea's internal problems. However, there are many other scholars who attribute the causes not only to internal but also to external problems. The experts who see the causes as internal problems think the crisis originated from internal factors of Korea such as policy mistakes, highly leveraged corporate sectors, and banking system. The external factors refer to the external shocks such as contagion effect from South-east financial crisis and appreciation of Japanese yen. Although all the causes for the crisis are closely related with each other, addressing the causes separately would give people better understanding of the context. On Nov. 1997, Korea faced the IMF crisis, or also known as the financial crisis, which caused severe damage to the Korean economy. The new OECD member was reduced from being the world's eleventh largest economy to an economy surviving on overnight loans from the international money markets. The won, the Korean currency, fell by more than 50 percent against the US dollar. Also, KOSPI (the Korea Composite Stock Price Index) fell by thirty percent, and the short-term interest rate shot up to forty percent per year. Consequently, on Dec. 1997, Korea called the IMF for rescue, owing $58.3 billion of financial aid. As shown in table 1 and 2 in the

Financial Crisis And Credit Crunch In Korea Evidence From Firm Level Data

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Author : Eduardo Borensztein
language : en
Publisher: International Monetary Fund
Release Date : 2000

Financial Crisis And Credit Crunch In Korea Evidence From Firm Level Data written by Eduardo Borensztein and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.

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 they enjoyed in the pre-crisis 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 to tight monetary policy or an external credit constraint.

Dissertation Abstracts International

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Author :
language : en
Publisher:
Release Date : 2007

Dissertation Abstracts International written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Dissertations, Academic categories.

Three Essays On Capital Account Liberalization And Economic Growth

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Author : Kang-guk Yi
language : en
Publisher:
Release Date : 2004

Three Essays On Capital Account Liberalization And Economic Growth written by Kang-guk Yi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Capital market categories.

Korea S Corporate Restructuring Since The Financial Crisis

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Author : Chʻan-hyŏn Son
language : en
Publisher: 대외경제정책연구원
Release Date : 2002

Korea S Corporate Restructuring Since The Financial Crisis written by Chʻan-hyŏn Son and has been published by 대외경제정책연구원 this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Corporate reorganizations categories.