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Bond market development : The experience of the Republic of Korea

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Frame of Image cade has been nothing short of remarkable. Since facing the economic crisis that erupted in November 1997, the economy has recovered from near collapse. During this period, the structure of the once ailing economy was rendered more transparent and upgraded to meet global standards. Although many factors can be attributed to the unexpectedly rapid recovery, the most important factor was the sweeping reform undertaken in all sectors of the economy, but especially in the financial and corporate sectors. Recognizing that the crisis was caused by long-standing structural weaknesses rather than merely a temporary shortage in foreign reserves caused by a loss of credibility among international investors, the Korean government initiated drastic economic reform. In addition, reform measures were implemented in economic policies, such as monetary, fiscal and foreign exchange polices. Relating to monetary policy, the Bank of Korea abandoned the previous monetary targeting regime and introduced inflation targeting. The fiscal policy was actively used as a means to inject public funds into the financial and non-financial sectors to promote restructuring while playing a greater counter-cyclical role in stabilizing the economy after the crisis. In particular, the Korean government reorganized the financial system and upgraded the financial infrastructure to strengthen soundness, by strengthening supervision, relaxing regulations and establishing global standard rules and regulations. For ex


Full Text
Title Bond market development
Similar Titles
Sub Title

The experience of the Republic of Korea

Material Type Reports
Author(English)

Park, Jae-Ha

Publisher

Seoul:Korea Institute of Finance

Date 2008
Pages 34
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Holding Korea Institute of Finance