기업은 금융시장에서 일정한 제약을 받는다. 즉 원하는 만큼 자금을 공여받지 못할 가능성이 있다. 이를 신용할당현상이라고 한다. 본 논문에서는 한국의 기업자료를 이용하여 신용할당이 실제로 존재하는지, 그리고 신용할당을 결정하는 요인이 무엇인지를 분석하였다. ...

기업은 금융시장에서 일정한 제약을 받는다. 즉 원하는 만큼 자금을 공여받지 못할 가능성이 있다. 이를 신용할당현상이라고 한다. 본 논문에서는 한국의 기업자료를 이용하여 신용할당이 실제로 존재하는지, 그리고 신용할당을 결정하는 요인이 무엇인지를 분석하였다. 분석결과 통화긴축기에 신용할당이 심해지며, 소기업과 비재벌기업의 경우에 신용할당을 받을 확률이 커짐을 발견하였다.

This paper attempts to investigate determinants on credit rationing experienced by firms using Korean individual firm data. I find that size, maturity, and chaebol significantly affect the probability of credit rationing for each firm. Smaller firms ...

This paper attempts to investigate determinants on credit rationing experienced by firms using Korean individual firm data. I find that size, maturity, and chaebol significantly affect the probability of credit rationing for each firm. Smaller firms, younger firms, and non-chaebol firms are more likely to be rationed out in Korean credit market. These findings suggest that a tightening of monetary policy has a disproportionate effect on firms’ activities.
(key words: credit rationing, Korea, chaebol)
(JEL classification code: E32, E51)

This paper attempts to investigate determinants on credit rationing experienced by firms using Korean individual firm data. I find that size, maturity, and chaebol significantly affect the probability of credit rationing for each firm. Smaller firms ...

This paper attempts to investigate determinants on credit rationing experienced by firms using Korean individual firm data. I find that size, maturity, and chaebol significantly affect the probability of credit rationing for each firm. Smaller firms, younger firms, and non-chaebol firms are more likely to be rationed out in Korean credit market. These findings suggest that a tightening of monetary policy has a disproportionate effect on firms’ activities.

I attempt to characterize the differences in investigate which factors affect credit rationing experienced by firms. Estimation Results for the disequilibrium model suggest that small, young and non-chaebol firms are more likely to be credit-rationed ...

I attempt to characterize the differences in investigate which factors affect credit rationing experienced by firms. Estimation Results for the disequilibrium model suggest that small, young and non-chaebol firms are more likely to be credit-rationed. The degree of bank-firm relationship also plays a role of credit rationing.
This finding implies that monetary policy has distributional effects on bank loans received by firms. Characteristics of firms such as size, age and business groups tend to affect the probability of credit rationing experienced by firms.
When the monetary authority implements monetary policy it should consider seriously the differential degree of credit rationing across firms. Monetary policy exerts the distributional effect as well as the aggregate effects. The observation that some firms are credit rationed and others are not rationed implies that monetary policy has differential effects. The effect will be stronger for rationed firms than non-rationed firms.