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Sources of corporate financing and economic crisis in Korea : A micro-evidence

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Frame of Image as well as participants of the conference on Governance, Regulation and Privatization in Hong Kong for helpful comments. The views expressed herein are those of the authors and not necessarily those of the National Bureau of Economic Research. ©2003 by Youngjae Lim. All rights reserved. Short sections of text not to exceed two paragraphs, may be quoted without explicit permission provided that full credit including ©notice, is given to the source.
Sources of Corporate Financing and Economic Crisis in Korea: A Micro-evidence Youngjae Lim NBER Working Paper No. 9575 March 2003 JEL No. G3, G2, N2, O1 ABSTRACT Using the firm-level data set, the paper attempts to examine the dynamic patterns in the allocation of credit across firms in recent Korea. In particular, the paper examines the dynamic patterns in the allocation of credit across large and small firms before and after the crisis. The data suggest that large firms, to some extent, are leaving banks and going to the capital market for their financing after the crisis. The data also suggest that profitable small firms are gaining easier access to the credit from financial institutions after the crisis. Is this shift (in the allocation of bank credit from large firms to small firms) due to lenders’ choice or due to borrowers’ changed incentives? The paper suggests that the improved lending practices of banks, at least partially, contributed to this shift of bank credit from large firms to small firms.
Youngjae Lim Korea Develop


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Title Sources of corporate financing and economic crisis in Korea
Similar Titles
Sub Title

A micro-evidence

Material Type Reports
Author(English)

Lim, Youngjae

Publisher

Cambridge:National Bureau of Economic Research

Date 2003
Series Title; No Working Paper / 9575
Pages 33
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Holding National Bureau of Economic Research