본문

KDI연구

KDI연구원들이 각 분야의 전문보고서를 제공합니다.

금융

Working Paper

Historical Perspective on Korea's Bond Market: 1980-2000

페이스북
커버이미지
  • 저자 신인석(辛仁錫) , 박홍규(朴弘奎)
  • 발행일 2001/03/01
  • 시리즈 번호 2001-02
원문보기
요약 The purpose of this paper is as follow.

The first purpose is to document facts on the Korean bond market. Focus is on the
development for the past two decades since those years essentially cover the
meaningful development period. Patterns of growth, structure of the market and
notable regulatory changes are described and characteristics of the market summarized.
In particular, with respect to the government bond market, the crisis of 1997 is
illustrated as a defining moment standing between the controlled stagnant regime and
the liberalized active one. For the corporate bond market, strong growth since the late
1970s and the significant role of bond in corporate financing are shown. At the same
time, despite its solid growth in quantity, it is emphasized that the Korean corporate
bond market displayed features difficult to be construed as arm’s length debt. The
episode of boom and bust in 1998 and 1999 deserves and gets special mention as the
most dramatic one in this context.

The second purpose is to evaluate the aforementioned observations and propose a
hypothetical framework for understanding them. First, regarding the development
pattern of the government bond market, I suggest that it be consistent with the thesis of
the political economy approach on regulatory reforms: namely, the interpretation that
fiscal needs of governments trigger government bond market reforms. For example,
Kroszner (forthcoming) argues that recent reforms of government securities markets in
many countries are fueled by public finance motives to decrease financing funding
costs. I note that the history of government bond market reforms in Korea concurs with
the argument. Second, with respect to the corporate bond market, I attempt to define
the nature of the corporate bond market. I argue that the corporate bond market in
Korea was structured similar to the loan market in its risk bearing mechanism where
implicit insurance by the government formed an important part. In this sense bond
financing in Korea can be regarded as de facto loan financing and causes of the boom
and bust in 1998 and 1999 are discussed along this line as a de facto banking crisis
following liberalization.
같은 주제 자료 이 내용과 같은 주제를 다루고 있는 자료입니다.

같은 주제의 자료가 없습니다.

가입하신 이동통신사의 요금제에 따라
데이터 요금이 과다하게 부가될 수 있습니다.

파일을 다운로드하시겠습니까?
KDI 연구 카테고리
상세검색