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Korea's financial and corporate restructuring : Five-year experience, lessons and tasks

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Title Korea's financial and corporate restructuring
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Sub Title

Five-year experience, lessons and tasks

Material Type Reports
Author(English)

Sohn, Sangho

Publisher

Korea Institute of Finance

Date 2003-12
Series Title; No Finance Research Paper / 2003-08
Pages 166
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < General
Economy < Economic System
Holding Korea Institute of Finance

Abstract

This paper seeks to draw policy implications from Korea’s five years of experience in financial and corporate restructuring. Immediately after the outbreak of the crisis, a series of restructuring policies were implemented, and they were revised as needed in response to changes in market conditions. Some restructuring policies were successful; other failed due to poor timing or inadequate scope or degree. This paper reviews as many of the policy instruments that were adopted for restructuring as possible, and it attempts to assess their effectiveness in resolving the restructuring problems that became apparent at various stages of the overall restructuring effort.
Several problems and errors in the Korean restructuring program are pointed out. These are (1) Hidden financial liabilities that prolonged and increased the total costs of restructuring, (2) Inability to complete software restructuring in a short period of time. (The rest omitted)