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Institutionalization of the informal credit market and financial inclusion in Korea

Related Document
Frame of Image sion in Korea
Supervised by	 Prepared by	 Author	
Financial Services Commission, Republic of Korea KDI School of Public Policy and Management 	 oon-Kyung Kim, KDI School of Public Policy and Management, J Professor KS Kim, KDI School of Public Policy and Management, Researcher
Advisory
Sang Ho Lee, National Credit Union Federation of Korea, Former Chairman Yang Chul Shin, Korean Federation of Community Credit Cooperatives, Former Director
Research Management	 Supported by	
KDI School of Public Policy and Management 	 Ministry of Strategy and Finance (MOSF), Republic of Korea
Government Publications Registration Number 11-7003625-000080-01 ISBN 979-11-5545-044-4 94320 ISBN 979-11-5545-032-1 [SET 42] Copyright © 2013 by Ministry of Strategy and Finance, Republic of Korea
Government Publications Registration Number 11-7003625-000080-01
Knowledge Sharing Program
2012 Modularization of Korea’s Development Experience
Institutionalization of the Informal Credit Market and Financial Inclusion in Korea
Preface
The study of Korea’s economic and social transformation offers a unique opportunity to better understand the factors that drive development. Within one generation, Korea has transformed itself from a poor agrarian society to a modern industrial nation, a feat never seen before. What makes Korea’s experience so unique is that its rapid economic development was relatively broad-based, meaning that the fruits of Korea’s rapid growth were shared by many. The challenge of course is u


Full Text
Title Institutionalization of the informal credit market and financial inclusion in Korea
Similar Titles
Project Category Development Cases
Material Type Reports
Author(English)

Kim, Joon-Kyung; Kim, KS

Publisher

Seoul:KDI School of Public Policy and Management

Date 2013
Project Development Cases
Series Title; No Knowledge Sharing Program: KSP Modularization
ISBN 979-11-5545-044-4 94320; 979-11-5545-032-1 [SET 42]
Pages 142
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Holding KDI School of Public Policy and Management
Supervisor KDI School of Public Policy and Management
Organizer Financial Services Commission(Republic of Korea); KDI School of Public Policy and Management
Sponsor Ministry of Strategy and Finance(Republic of Korea)

Abstract

Over the last half century, the Republic of Korea (Korea) has experienced rapid, sustained economic growth, the social benefits of which have been relatively broad-based. Korea today also boasts a modern and deep financial system, and financial inclusion is high with nearly every Korean having access to basic financial services and products. With this in mind, better understanding of Korea’s financial development is an important key to unlocking the secret behind Korea’s economic miracle. In studying the development of Korea’s financial system (financial deepening), we find that Korea’s experience has been a long and winding road, a journey marked by a difficult struggle to govern the informal credit markets, which had at times dominated Korea’s financial sector early in its development.
In explaining the prominence of the informal credit market, we find that the difference in interest rates between the formal and informal sectors, above all, was the biggest determinant of the informal market’s role and size in Korea’s financial system during much of the 1960s and until the early 1980s.(The rest omitted)

User Note

Government Publications Registration Number 11-7003625-000080-01