| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w7992
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| 来源ID | Working Paper 7992
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| Private Inflows when Crises are Anticipated: A Case Study of Korea |
| Michael P. Dooley; Inseok Shin
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| 发表日期 | 2000-11-01
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| 出版年 | 2000
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| 语种 | 英语
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| 摘要 | Models of financial crises based on distortions in capital markets have strong implications for the behavior of investors leading up to crises. In this paper we evaluate the hypothesis that deregulation of financial markets in Korea provided the incentives and opportunities for a sequence of capital inflows and crisis. We show that deregulation was associated with a sharp declines in the franchise value of Korean banks. Banks responded by expanding their balance sheets and accumulating high risk, high return assets. The regulatory mechanism appears to have failed because of the failure to consolidate onshore and offshore activities of banks. Foreign banks that supplied deposits to Korean banks behaved as if they were insured in that they did not discriminate between weak and strong Korean banks. Finally, this expectation was validated at the time of crisis by government intervention that allowed foreign banks to liquidate their claims on Korean banks. |
| URL | https://www.nber.org/papers/w7992
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565583
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推荐引用方式
GB/T 7714 |
Michael P. Dooley,Inseok Shin. Private Inflows when Crises are Anticipated: A Case Study of Korea. 2000.
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文件名：
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w7992.pdf
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格式：
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Adobe PDF
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