Abstract
This paper suggests that future external finance arrangements for Korea will exhibit increasing reliance on securitized instruments (bonds and equity) in preference to loans. Such a shift in the composition of financing is warranted by the evolution of Korea's needs, constraints and opportunities as reflected in such ongoing or anticipated developments as: the vulnerability to external trade and finance shocks, the gradual disengagement of government from financial, trade and industrial intervention, the substantial improvement in competitiveness arising from the realignment of OECD exchange rates and the associated improvement in Korea's credit- worthiness, and changing lender preferences as expressed in the trend towards securitization in international finance markets.
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