シム　スンギュ   SIM, Seung-Gyu   沈　承揆    所属   青山学院大学  国際政治経済学部 国際経済学科    職種   教授
言語種別	英語
発行・発表の年月	2020/12
形態種別	学術雑誌
査読	査読あり
標題	The cyclical behavior of household and corporate credit in emerging economies
執筆形態	共同
掲載誌名	Emerging Markets Review
掲載区分	国外
出版社・発行元	Elsevier
巻・号・頁	45
著者・共著者	Seung-Gyu Sim and Saiah Lee
概要	Standard consumption-investment theory predicts counter-cyclical (pro-cyclical) behavior of household (corporate) credit whereby households' consumption smoothing and firms' investment motives are aligned. Counter to the theoretical symbiosis consistent with U.S. data, we demonstrate not only in South Korea, but also in 19 emerging economies that the pro-cyclical behavior of household credit dominates that of corporate credit. Our analysis further reveals that dominant, pro-cyclical household credit accompanied by (collateral) assets and fueled by external debt generates counter-cyclical behavior in interest rates, amplifies credit market fluctuation, and hinders the growth of small- and medium-size businesses in the South Korean economy.