Credit policies and the industrialization of Korea, Parts by Yoon-Je Cho, Joon-Kyung Kim

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By Yoon-Je Cho, Joon-Kyung Kim

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245 What We know About Acquisition of Adult Literacy: Is there Hope? Helen Abadzi No. 246 Formulating a National Strategy on Information Technology: A Case Study of India. Nagy Hanna No. 247 Improving the Transfer and Use of Agricultural Information: A Guide to Information Technology. Willem Zijp No. 248 Outreach and Sustainability of Six Rural Finance Institutions in Sub-Saharan Africa. Marc Gurgand, Glenn Perderson, and Jacob Yaron No. 249 Population and Income Change: Recent Evidence. Allen C.

Cordukes No. 251 Supply and Demand for Finance of Small Enterprises in Ghana. Ernest Aryeetey, Amoah Baah-Nuakoh, Tamara Duggleby, Hemamala Hettige, and William F. W. C. A. All rights reserved Manufactured in the United States of America First printing April 1995 Discussion Papers present results of country analysis or research that are circulated to encourage discussion and comment within the development community. To present these results with the least possible delay, the typescript of this paper has not been prepared in accordance with the procedures appropriate to formal printed texts, and the World Bank accepts no responsibility for errors.

The extensive government interventions in finance, especially the low interest rate ceilings, slowed the growth of the financial sector. Korea was able to overcome this negative impact of government intervention through heavy foreign borrowing. Furthermore, the continuation of strong government intervention in credit allocation when the industrial sector was well established and economic organizations became sophisticated put itself at a greater risk of distortive allocation. The co-insurance practices between the government, industry and banks, fostered moral hazard of banks and firms.

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