The loan sale markets are classified into two types. The one is the "positive" market, which im-proves the efficiency or economizes the transaction cost accompanied with all financial in-termediation and the other is "negative" one. The introduction of the loan sale market is an impor-tant step from the regulation-oriented financial system to the market-oriented one and we believe no doubt that accelerates the speed of financial liberalizations and replaces the regulatory factors to the market based ones. Logically discussing, the loan market is closely related to the free issu-ing system. In this sense, we can derive some lessons from the free banking era
