附註:Includes bibliographical references (pages 94-96).
The political economy of Korea: its relationship to financial sector policies -- Korea's industrial and macroeconomic policy framework -- The evolution of financial sector policies and directed credit programs in Korea -- Policy-based loans: size, structure, sources of funds, and distribution -- The allocation of foreign loans -- The effectiveness of credit policies in Korea -- The cost and legacy of credit policies -- The effectiveness of Korean credit policies: a comparative perspective -- Summary of Korean credit policy.
摘要:World Bank Discussion Paper No. 286. This report was commissioned as part of a project on the effectiveness of credit policies in East Asian countries. In the Republic of Korea, the government has played a pervasive role in promoting industrialization and economic development. The report documents the use of directed credit programs and highlights what made government intervention effective: its close consultation with industry, the existence of a competitive business environment, and a strong monitoring and evaluation system. The report notes the risk-sharing arrangements developed by Korean policymakers and the flexible adaptation of directed credit programs to the changing needs of the Korean economy. The authors also emphasize the long-term costs of reliance on directed credit programs and the measures taken in recent years to redirect the programs' objectives and redress the imbalances that have arisen along Korea's path to economic development.
