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Korea's capital market promotion policies : IPOs and other supplementary policy experiences

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Frame of Image d Other Supplementary Policy Experiences Supervised by Prepared by Financial Services Commission (FSC), Republic of Korea Korea Development Institute (KDI) School of Public Policy and Management Author W oochan Kim, Korea Development Institute (KDI) School of Public Policy and Management Acknowledgments This report would not have been possible without the help of four interviewees: Byung-Woo Koh (Assistant Minister of Financial Affairs, Jan. 1975-Sep. 1977), In-Kie Hong (Director General, Securities and Insurance Bureau, Sep. 1971-Aug. 1973), Won-Koo Baik (Director General, Securities and Insurance Bureau, Jun. 1984-Aug. 1986), and Ho-Joo Shin (Director, Securities Division, Jun. 1984-Apr. 1987). All errors and omissions are mine. Research Management Korea Development Institute (KDI) School of Public Policy and Management Supported by Ministry of Strategy and Finance (MOSF), Republic of Korea Government Publications Registration Number 11-1051000-000172-01 ISBN 978-89-93695-29-8 94320 ISBN 978-89-93695-27-4 [SET 40] Copyright © 2012 by Ministry of Strategy and Finance, Republic of Korea Government Publications Registration Number 11-1051000-000172-01 Knowledge Sharing Program 2011 Modularization of Korea’s Development Experience Korea’s Capital Market Promotion Policies: IPOs and Other Supplementary Policy Experiences Preface The study of Korea’s economic and social transformation offers a unique opportunity to better understand the factors that drive devel


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Title Korea's capital market promotion policies
Similar Titles
Sub Title

IPOs and other supplementary policy experiences
Project Category Development Cases
Material Type Reports
Author(English)

Kim, Woochan

Publisher

Seoul : KDI School of Public Policy and Management
Date 2012
Project Development Cases
Series Title; No Knowledge Sharing Program: KSP Modularization
ISBN 978-89-93695-29-8; 978-89-93695-27-4 [SET 40]
Pages 114
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Industry and Technology < Entrepreneurship
Holding KDI School of Public Policy and Management
Supervisor KDI School of Public Policy and Management
Organizer Financial Services Commission; KDI School of Public Policy and Management
Sponsor Ministry of Strategy and Finance
Project Term 2011-01-01 ~ 2011-12-31
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Abstract

This report studies a series of capital market promotion policies Korea pursued over a 30-year period during its development era (1960s-1980s). The purpose of this report is to extract lessons that can benefit policy makers in the developing world, where capital market promotion is an important policy goal. Given that the Korean government’s main interest during this era was to mobilize domestic capital for economic development and to lower its the firms’ debt-to-equity ratio, I have left out bond markets from my analyses; and when discussing the stock market, I have put greater weight on its primary market policies than the secondary market policies.
It is a great challenge for developing countries to create a strong securities market. They lack many of the institutions necessary to control information asymmetry and self-dealing. That is to say, these countries are often without legal and market institutions which ensure that minority shareholders (i) receive reliable information about the value of a company’s business and (ii) allow them to have trust and confidence in a company’s management team and controlling shareholders. (The rest omitted)

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