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Overcoming the 1997-98 crisis : Financial reform

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Frame of Image itute(KDI) Ministry of Strategy and Finance(MOSF), Republic of Korea Wonhyuk Lim, Director, Policy Research Division, Center for International Development(CID), KDI Dong Soo Kang, Director, Department of Finance, KDI Yoon Jung Kim, Research Associate, Policy Research Division, CID, KDI Kwang Sung Kim, Freelance Editor
Government Publications Registration Number 11-1051000-000093-01 ISBN 978-89-8063-461-3 93320 Copyright ⓒ 2010 by Ministry of Strategy and Finance, Republic of Korea
#KSP금융영문전체1_3차 2010.12.15 5:26 PM 페이지3
G43
Government Publications Registration Number 11-1051000-000093-01
Knowledge Sharing Program
Overcoming the 1997-98 Crisis : Financial Reform
March 2010
MINISTRY OF STRATEGY AND FINANCE
Korea Development Institute
#KSP금융영문전체1_3차 2010.12.15 5:26 PM 페이지4
G43
Contents
Introduction
9
Chapter 01
Financial Reforms before the Crisis
1. Presidential Committee for Financial Reform 2. Main Recommendations of the PCFR 2-1. Prompt Corrective Action 2-2. Measures to Protect Depositors and Investors 2-3. Liberalization of Interest Rates and Fees 2-4. Deregulation of Access to Foreign Capital Markets 2-5. Reorganization of Supervisory System 2-6. Credibility of Accounting Systems 3. Assessments 13 14 18 18 19 20 20 21 22 22
Chapter 02
Financial Supervisory Structure
1. Overview 2. Financial Services Commission (FSC) 3. Financial Supervisory Service (FSS) 4. Related Institutions 4-1. Bank of Korea (BOK) 4-2. Korea Deposit Insurance Corporation (KDIC) 4-3. Korea Asset Managem


Full Text
Title Overcoming the 1997-98 crisis
Similar Titles
Sub Title

Financial reform

Project Category Consulting Programs
Material Type Reports
Author(English)

Kang, Dong Soo

Publisher

Seoul:Korea Development Institute

Date 2010
Project Consulting Programs
Series Title; No Knowledge Sharing Program
ISBN 978-89-8063-461-3
Pages 87
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Holding Korea Development Institute
Recipient Country South Korea(Asia and Pacific)
Supervisor Korea Development Institute
Organizer Korea Development Institute
Sponsor Ministry of Strategy and Finance

Abstract

In 1997, Korea was hit by an economic shock, the likes of which it has never been seen before. Initiated by a foreign currency shortage, the 1997 financial crisis swept the entire financial sector and every part of the economy. The systemic nature of the crisis demanded an all out approach in implementing reforms in many segments of society, including the financial, corporate, labor, and public sectors. The context of the financial reforms in Korea, its evolution, and its performance since then, has attracted much attention from not only advanced countries but also developing ones. Simply put, Korea has outperformed other countries also swept up by crisis around the same time. (The rest omitted)