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분야
pptFrom Prosperous past to Serious present
2. Reason
Macro variables
Micro variables
Moral Hazards
3. Similar Kind of Crisis in Overseas : S&L Crisis
4. Conclusion
Causes of S&L crisis in Korea
Resolution & summary
as the generation of baby boomers
started purchasing houses
S&L banks asked Congress to remove restrictions of their business in order to expand their business : Deregulation
As the competition between S&L banks became severe, expanded business, they started to lend mortgage to the people with low credit rating
Despite the increase of mortgage, no one was troubled as the price of houses
continued to rise
Problem developed when the government raised interest rates to contain inflation
Paul Volcker of FRB led retrenchment policy,
raising interest rate to up to 19%
As a result, inflation rate of 13.5% (1981)
plunged to 3.2%(1983)
Therefore, steep increase of interest rate put people
with housing loan unable to redeem their loan
US government prosecuted 1800 executives of bankrupted S&Ls
Government also enacted ‘Financial Institution Reform, Recovery and Enforcement Act’ to persecute moral hazard
Strong attitude of the administration convinced tax payers of spending public fund to settle the discordant market
