Gormley, Todd A.; Johnson, Simon; Rhee, Changyong - 2011 - This draft: July 20, 2011
"Can a government credibly promise not to bailout firms whose failure would have major negative systemic consequences? Our analysis of Korea's 1997-99 crisis, suggests an answer: No. Despite a general "no bailout" policy during the crisis, the largest Korean corporate groups (chaebol) -facing...