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

Related Document
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


Full Text
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

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)