NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Inseok Shin

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Working Papers and Chapters

July 2008Stock Market Opening and the Cost of Capital: The Case of Korea
with Chang-Gyun Park
in International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization, and Exchange Rate Policy (NBER-EASE Volume 17), Takatoshi Ito and Andrew K. Rose, editors
January 2003Korea’s Liberalization of Financial Services Trade
with Sang-In Hwang, Jungho Yoo
in Trade in Services in the Asia Pacific Region, NBER East Asia Seminar on Economics (EASE), Volume 11, Takatoshi Ito and Anne O. Krueger, editors
November 2000Private Inflows when Crises are Anticipated: A Case Study of Korea
with Michael P. Dooley: w7992
Models of financial crises based on distortions in capital markets have strong implications for the behavior of investors leading up to crises. In this paper we evaluate the hypothesis that deregulation of financial markets in Korea provided the incentives and opportunities for a sequence of capital inflows and crisis. We show that deregulation was associated with a sharp declines in the franchise value of Korean banks. Banks responded by expanding their balance sheets and accumulating high risk, high return assets. The regulatory mechanism appears to have failed because of the failure to consolidate onshore and offshore activities of banks. Foreign banks that supplied deposits to Korean banks behaved as if they were insured in that they did not discriminate between weak and strong Ko...

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