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近期国内信用事件频发,企业盈利下滑、银行惜贷,市场对打破刚兑预期上升。对比海外经验,许多国家在经济发展初期也曾出现过国家信用兜底,为完成原始资本积累发挥至关重要作用。但随着风险累积,国家信用背书导致资源配置效率下降,打破刚兑能很好地释放风险,特别是有利于债券市场的发展。韩国为典型例子,在较长的发展阶段企业享受政府的信用背书。从20世纪60年代以来,韩国共经历四次危机,其中1997年亚洲金融危机几乎摧毁其金融体系。那么亚洲金融危机后韩国进行了哪些“蜕变”、原因是什么?在经历“97蜕变”后,韩国债券市场为何迎来了波澜壮阔的发展?本文以韩国为例,分析危机中政府信用背书与资产负债表衰退如何?以及打破刚兑后经济的发展态势,以供我国参考。
Recent domestic credit incidents, corporate profits fell, banks cherish loans, the market is expected to break the just shot up. Contrasting overseas experience, many countries have also appeared in the early stages of economic development in the national credit base, in order to complete the accumulation of primary capital plays a crucial role. However, with the accumulation of risks, the national endorsement of credit led to a decline in the efficiency of resource allocation. It is especially beneficial to the development of the bond market to break down the risk that Ganga Securities can release it well. South Korea is a typical example, with the government enjoying a credit endorsement over a longer period of development. Since the 1960s, South Korea experienced a total of four crises, of which the 1997 Asian financial crisis almost destroyed its financial system. So what are the reasons for the “transformation” in South Korea after the Asian financial crisis? Why the South Korean bond market ushered in the magnificent development after experiencing “97 transformation?” This article takes South Korea as an example to analyze the crisis in the government Credit endorsement and balance sheet recession? And to break the post-Quake economy development trend for our reference.