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Title: |
The Real Cost of Financial Capital in the United States, Japan and
Korea: Comparison and Convergence Tests |
| Author: |
Kwack, Sung
Yeung |
| Author
Affiliation: |
Howard U |
| Source: |
International Economic Journal, Autumn 1996, v. 10, no. 3, pp. 105-118 |
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Publication Date: |
Autumn 1996 |
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Abstract: |
This paper presents alternative measures
of the real cost of financial capital in the United States, Japan, and
Korea over the 1975-90 period. Japan's cost of financial capital was the
lowest among the three countries studied. The U.S. real cost of
financial capital was higher than the Korean real cost. Our statistical
analyses provide some evidence for shrinking the gap in the real
financial costs of Japan and Korea vis a vis the United States. This is
the reflection of increasing goods market integration and financial
liberalization occurring in Japan and Korea. |
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