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Restructuring Korea's Financial Sector for Greater Competitiveness

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  • Marcus Noland

    (Peterson Institute for International Economics)

Abstract

Financial systems in many developing countries are said to be "financially repressed". The government intervenes heavily in the economy, segmenting financial markets, placing artificial ceilings on interest rates, and directly allocating credit among enterprises as it sees fit. The likely result is that the total amount of savings is lower than it should be, and the allocation of the total among its possible uses is inefficient. Disequilibrium in the financial markets generates rents which may be allocated through corruption. These distortions become severe when the real economy develops rapidly and profitable real investment opportunities abound, and yet the financial system lags behind.

Suggested Citation

  • Marcus Noland, 1996. "Restructuring Korea's Financial Sector for Greater Competitiveness," Working Paper Series WP96-14, Peterson Institute for International Economics.
    • Handle: RePEc:iie:wpaper:wp96-14
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    Cited by:

    1. Marcus Noland, 2007. "South Korea's Experience with International Capital Flows," NBER Chapters, in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences, pages 481-528, National Bureau of Economic Research, Inc.
    2. Edwin M. Truman, 2013. "Asian and European Financial Crises Compared," Working Paper Series WP13-9, Peterson Institute for International Economics.
    3. Georg Erber, 1999. "The End of the Asian Miracle - Consequences and Repercussions," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 68(1), pages 76-85.

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