The credit channel at work : lessons from the Republic of Korea's financial crisis / by Giovanni Ferri and Tae Soo Kang Ferri, Giovanni

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Ferri, Giovanni
Financial crises - Korea (South); Monetary policy - Korea (South); Bank loans - Korea (South)
When negative monetary and financial shocks hit the Korean economy, reactions in the financial system amplified the impact of the shocks by reducing the credit available and increasing its cost. This particularly hurt segments of the economy that rely heavily on bank credit for external financing, such as small and medium-sized enterprises.
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