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信用重視見解에 대한 一檢證 : 落後地域 銀行貸出資料를 利用한 경우
朴壬求,崔乃仁 全北大學校 1997 論文集 Vol.43 No.-
The primary purpose of this paper is to test empirically the "Credit View" using the commercial bank loan data of Chollabuk-do province, one of the most backward regions in Korea. The previous study employing the national level bank loan data of Korea did not work out very well in supporting the view. Our guess is, however, that a test using the local bank loan data would more significantly support the "Credit View" because the depressed regions usually suffer from the most severe asymmetric information problems(i.e.,adverse selection and moral hazard) in the financial sector. We empolyed VAR(vector autoregressions) methodology and found significantly higher elasticities than those obtained previously from the national level bank loan data and thus strongly supports the "Credit view." The evidence also implies that the effect of money supply is more amplified in the backward region than in the developed region through the credit channel.