ScholarWorks@숙명여자대학교

초록

Using financial characteristics data of 27,366 local credit unions from 2005 to 2011over the last 7 years, we analyze the change of default risk of Korean credit unionsaround the 2008 Global Economic Crisis. We find that the default risk of credit unions in Korea is continuously increasingand financial characteristics such as BIS capital ratio, allowance for bad debts, liquidityand size are significant besides common bond and locations. These resultsmean that the deposit rush just after Global Crisis may not result from the uniquenessand/or soundness of Korean credit unions, but from tax exemption and/or otherbenefits in lower interest rate for credit union memberships.

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