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Korea : The management of external liabilities

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  • Korea
  • The World Bank
  • The World Bank


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Title Korea
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Sub Title

The management of external liabilities

Material Type Reports
Author(English)

The World Bank

Publisher

Washington D.C.:The World Bank

Date 1988-01
Series Title; No A World Bank Country Study / PUB-6437
ISBN 0-8213-1026-7
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Conditions
Economy < Economic Administration
Holding The World Bank

Abstract

This report assesses the structure of Korea's external liabilities in the light of general principles of liability management, current and anticipated country-specific characteristics, and developments in international capital markets. While stressing that neither the level nor the composition of Korea's external liabilities poses an immediate problem, the Report notes deficiencies with respect to the sharing of risk, the correlation of debt service with ability to pay and the diversification of sources of financing which could present difficulties in future periods of foreign exchange scarcity and economic stagnation. It notes that Korea could take advantage of emerging opportunities in international capital markets to overcome these deficiencies by giving preference to bonds and equities over loans in future external financing arrangements and by encouraging private non- guaranteed debt instead of public debt. (The rest omitted)