Crisis and creative destruction: Cases of Korean and Japanese stock markets

Shumpei Takemori, Kenji Wada

研究成果: Article査読

抄録

In this essay, we investigate the contrasting performance of Korean and Japanese stock markets before and after the East Asian currency crisis. The Korean stock markets showed a sharper decline and a faster recovery than the Japanese stock markets. First, we theoretically explain these contrasting movements of stock markets by explicitly modeling and adding some new elements to the idea of IT revolution in Greenwood and Jovanovic (Amer. Econom. Rev. 89, 1999, 116-122). Then we empirically prove that the theoretical model in this paper has some quantitative support by considering the level of monthly stock market capitalization and the return on daily stock index in Korea and Japan.

本文言語English
ページ(範囲)301-317
ページ数17
ジャーナルAsia-Pacific Financial Markets
10
4
DOI
出版ステータスPublished - 2003 12

ASJC Scopus subject areas

  • 財務

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