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The first type of credit reporting agencies called credit bureau(CB) is well developed in the Anglo-Saxon countries. The other type is public credit registry(PCR), which has been established in most countries on the Continent of Europe. The existing literature stresses legal origins and the level of income as determinants of the structure of credit information sharing system. In addition to these factors, this study places special emphasis on the significant role of government, as an additional determinant, in the economic development processes of East Asian countries. The fact that industrialization in Singapore resulted from private efforts in which the state did not participate has been instrumental in the evolution of their market-oriented credit reporting system. In contrast, the process of industrialization in Korea, Japan, and China has been actively state-assisted and sometimes state-engendered. It was assisted by specific measures in the finance area, such as the creation of special-purpose banks designed to provide finance for industry. In other words, the role of supply-leading finance was emphasized in the banking sector to catch up the economic power as backward economies. In this environment, it is difficult that financial institutions have enough incentives for voluntary exchange of information. That is why PCR, which is a direct intervention of government in the credit market, is so popular as credit reporting agencies in North-East countries.


The first type of credit reporting agencies called credit bureau(CB) is well developed in the Anglo-Saxon countries. The other type is public credit registry(PCR), which has been established in most countries on the Continent of Europe. The existing literature stresses legal origins and the level of income as determinants of the structure of credit information sharing system. In addition to these factors, this study places special emphasis on the significant role of government, as an additional determinant, in the economic development processes of East Asian countries. The fact that industrialization in Singapore resulted from private efforts in which the state did not participate has been instrumental in the evolution of their market-oriented credit reporting system. In contrast, the process of industrialization in Korea, Japan, and China has been actively state-assisted and sometimes state-engendered. It was assisted by specific measures in the finance area, such as the creation of special-purpose banks designed to provide finance for industry. In other words, the role of supply-leading finance was emphasized in the banking sector to catch up the economic power as backward economies. In this environment, it is difficult that financial institutions have enough incentives for voluntary exchange of information. That is why PCR, which is a direct intervention of government in the credit market, is so popular as credit reporting agencies in North-East countries.