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韩国成熟的资产支持证券机构主体为其发展打下了良好基础,特别是创新建立的国内外发行中介,更是扩大了资产支持证券的发行市场和发行规模1997年的亚洲金融危机导致韩国金融机构的平均不良资产率创下14.9%的历史纪录,韩国金融机构普遍面临信用风险,为了解决金融市场所发生的信用危机和急剧恶化的金融情势,韩国政府被迫在1997年12月接受IMF提供的583.5亿美元的援贷协议。在IMF援贷方案的监督与指导下,韩国政府于1997年底开始推动资产证券化的一系列改革。
South Korea’s mature asset-backed securities body has laid a good foundation for its development, especially the innovative establishment of domestic and foreign distribution intermediaries, but also expanded the issue of asset-backed securities market and the size of the issuance of the 1997 Asian financial crisis led to the financial institutions in South Korea The average NPL ratio hit a historical record of 14.9%. Korea’s financial institutions are generally exposed to credit risk. In order to address the credit crisis in the financial markets and the deteriorating financial situation, the South Korean government was forced to accept the 58.35 billion yuan provided by the IMF in December 1997 US dollar loan aid agreement. Under the supervision and guidance of IMF aid and loan programs, the South Korean government started a series of reforms of asset securitization at the end of 1997.