Sources of Corporate Financing and Economic Crisis in Korea: A Micro-evidence

Youngjae Lim

No 9575, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: G2 G3 (search for similar items in EconPapers)
Date: 2003-03
New Economics Papers: this item is included in nep-cfn, nep-his and nep-mfd
Note: CF IFM
References: View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Published as Youngjae Lim, 2004. "Sources of Corporate Financing and Economic Crisis in Korea: Micro-Evidence," NBER Chapters, in: Governance, Regulation, and Privatization in the Asia-Pacific Region, NBER East Asia Seminar on Economics, Volume 12, pages 159-184 National Bureau of Economic Research, Inc.

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