The Government's Role in Japanese and Korean Credit Markets: A New Institutional Economic Perspective

• 발행기관: 서울대학교 경제연구소
• 저자명: Yoon Je Cho Thomas Hellmann
• 간행물 정보: 『Seoul Journal of Economics』Seoul Journal of Economics Volume 7 No.4, 383~415쪽, 전체 32쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 1994.12.31

영문 초록

This paper discusses the effectiveness of credit policies during the early stage of economic development in Japan and Korea. We examine the importance of institutional arrangements for managing credit policies in these two countries. We emphasize participatory government intervention, where credit policies could be viewed as part of an internal allocation mechanism: government, banks and large industrial firms may be said to have formed what we call a "government-led internal organization" (GLIO). We examine the theoretical foundations of this view and discuss the implications for the efficiency of credit allocation. We argue that. in early economic development. such a participatory approach may have helped overcome pervasive market imperfections. But there were also significant dangers-problems of entrenched interests and institutional inertia. In both countries, the relative importance of GLIO gradually diminished as competitive capital markets and large conglomerates ("privately-led internal organizations" or PLIO) expanded with economic growth.

목차

Abstract

Ⅰ. Introduction

Ⅱ. Further Motivation

Ⅲ. The Role of Government in Credit Markets: A Theoretical Background

Ⅳ. Institutional Settings and the Effectiveness of Credit Policies in Japan and Korea

Ⅴ. The Internal Organization View of Credit Allocation

Ⅵ. Diminishing Merits of Credit Policies Over Time: From GLIO to PLIOs

Ⅶ. Summary and Conclusion

References