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)

![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 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](/image.do?type=idas&timeFile=/asset/2012/10/10/DOC/PREVIEW/04201210100122085039327.jpg)
Title |
Korea's capital market promotion policies
Similar Titles
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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 | |
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 |
License | ![]() |
Abstract
Resources