摘要
Since the early 1960s, South Korea has enjoyed several decades of rapid economic growth. At the initial stages of its economic development, Korea relied heavily on loans from overseas sources. Development of industry and a social infrastructure had been hindered by over 40 years of Japanese colonialism and further retarded by three years of civil war. Thus, Korea had to rely on overseas sources for the funding of its economic growth. In the late 1960s, however, the Korean government began to implement policies to develop a securities market for the purpose of raising more capital from domestic sources. As a result of continued efforts to cultivate the domestic securities market, approximately half of corporate financing is now achieved through securities such as stocks and bonds.