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Korea’s experience of introducing the real-name financial system

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Frame of Image d Finance (MOSF), Republic of Korea Korea University Woochan Kim, Professor, Korea University Sang-Woo Nam, Fomer Dean, KDI School of Public Policy and Management Dong-soo Chin, Former Chairman, The Financial Services Commission
Research Management Supported by
KDI School of Public Policy and Management Ministry of Strategy and Finance (MOSF), Republic of Korea
Government Publications Registration Number 11-1051000-000674-01 ISBN 979-11-5545-176-2 94320 ISBN 979-11-5545-171-7 [SET 6] Copyright © 2014 by Ministry of Strategy and Finance, Republic of Korea
Government Publications Registration Number 11-1051000-000674-01
Knowledge Sharing Program
2015 Modularization of Korea’s Development Experience
Korea’s Experience of Introducing the Real-Name Financial System
Preface
opportunity to better understand the factors that drive development. Within approximately a single generation, Korea transformed itself from an aid-recipient basket-case to a donor more remarkable is that the fruits of Korea’s rapid growth were relatively widely shared. country with fast-paced yet sustained economic growth. What makes Korea’s experience even In 2004, the Korean Ministry of Strategy and Finance (MOSF) and the Korea Development The study of Korea’s economic and social transformation offers a unique window of
Institute (KDI) launched the Knowledge Sharing Program (KSP) to assist partner countries
in the developing world by sharing Korea’s development experience. To provide a rigorous
foundation for


Full Text
Title Korea’s experience of introducing the real-name financial system
Similar Titles
Project Category Development Cases
Material Type Reports
Publisher

Sejong:KDI School

Date 2015
Project Development Cases
Series Title; No Knowledge Sharing Program; 경제발전경험 모듈화 사업
ISBN 979-11-5545-176-2 94320; 979-11-5545-171-7 [SET 6]
Pages 132
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Holding KDI School
Supervisor Ministry of Strategy and Finance
Organizer Ministry of Strategy and Finance; Korea University
Sponsor Ministry of Strategy and Finance
Project Term 2015-01-01 ~ 2015-12-31

Abstract

Real-name financial system (RNFS) is a set of regulations or practices that mandates financial asset owners to hold and transact financial assets only under their own real name. By enhancing the transparency of a country’s financial system, it helps to achieve a number of policy objectives, such as promoting equitable distribution of tax burden, increasing tax revenue, curbing corruption, legalizing underground economy, and providing information infrastructure necessary for other reform measures. The mode of adoption, however, may vary across countries. In some, it is mandated by law while in others, it is adopted voluntarily by market participants. Whatsoever the mode, its adoption can be considered as an indispensable step necessary to level up a country’s economic system, to foster national unity, and to make economic development more sustainable.
When it comes to the adoption of the real-name financial system, Korea went through a number of twists and turns. (The rest omitted)