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Financial Crisis and Female Entrepreneurship: Evidence from South Korea

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  • Jungho Lee
  • Sunha Myong

Abstract

We document a drastic increase in female-owned manufacturing firms in South Korea after the 1997 financial crisis. During the crisis, a major banking-sector reform was conducted, and many underperforming bank branches were forced to close down. Using a geographical variation of bank-branch closures during the reform, we show that the banking-sector reform resulted in a rise in female entrepreneurship. We present evidence that the closed-down bank branches preferred male-owned firms, despite female-owned firms exhibiting lower risks and higher returns. The banking-sector reform, although not explicitly aimed at addressing gender disparities, substantially benefited female entrepreneurs by improving efficiency in the financial market.

Suggested Citation

  • Jungho Lee & Sunha Myong, 2024. "Financial Crisis and Female Entrepreneurship: Evidence from South Korea," Journal of Political Economy Macroeconomics, University of Chicago Press, vol. 2(4), pages 602-650.
    • Handle: RePEc:ucp:jpemac:doi:10.1086/732471
    DOI: 10.1086/732471
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