Selective credit allocation and industrial development in South Korea

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University of Hawaii, 1995 - Business & Economics - 446 pages

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aggregate agriculture allocative efficiency arity asymmetric information autoregressive model average balance sheets bank loans Bank of Korea Banque de France block diagonal matrix Botswana capital accumulation capital intensity capital market capital stocks Caprolactam causality tests central bank chaebols changes in loans chemical industries commodity money construction in process cost of borrowing cost of capital covariance matrix curb market dead weight loss decrease degrees of freedom df p-value differenced model discount window DOCTOR OF PHILOSOPHY domestic dynamic efficiency economic development economic growth economies of scale effectiveness of selective efficiency-based estimates Eurocurrency Eurodollar exclude expansion export external effects financial deepening financial institutions financial liberalization financial markets financial repression financial system firms four-variable four-variable model funds Granger-cause investment gross output growth accounting growth rate Himmelberg However human capital hypothesis Hyundai import-substituting industry import-substitution increase increasing returns incremental loans individual effects industrial development industrial investment industrial policy inflation tax inputs instrumental variables interest rate interindustrial variations intervention investment decisions Investment Equations investment patterns Japan Korea Development Bank Korean industries Korean manufacturing labor labor productivity lag length lagged variables lagging economy learning sector learning-by-doing learning-by-doing effects linear regression liquidity constraints macroeconomic manufacturing sector marginal productivity matrix monetization Monomer neoclassical neutral incentives nominal interest rate null hypothesis number of parameters opportunity cost output panel data Pecuniary External per worker percent period policy loans positive externalities quasi-differenced quasi-differenced model ratio real interest rates rediscount rent-seeking restrictions Results for Investment returns to scale scale and externalities selective credit allocation Shaw significance level South Korea stationarity of individual structural change subsidy supplier synthetic fiber Table Test Results textiles Thus total factor productivity transmission mechanism U.S. dollars University of Hawaii variance-covariance matrix vector autoregression vertical integration Wijnbergen World Bank