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The liberalization of banking sector in Korea : Impact on the Korean Economy

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  • The liberalization of banking sector in Korea
  • Hwang, Sang; Shin, In-Sok
  • Korea Institute for International Economic Policy


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Title The liberalization of banking sector in Korea
Similar Titles
Sub Title

Impact on the Korean Economy

Material Type Reports
Author(English)

Hwang, Sang; Shin, In-Sok

Publisher

Seoul:Korea Institute for International Economic Policy

Date 2000-12
Series Title; No Working Paper / 00-13
ISBN 89-322-4093-0; 89-322-4026-4(세트)
Pages 38
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Holding Korea Institute for International Economic Policy

Abstract

Since the 1990s, the international financial environment has changed fast in terms of globalization, diversification, deregulation and innovation. The development of information and telecommunications technology has led banking institutions to shift from the traditional lending and borrowing activities to multi-financial projects and development of new financial products. Financial engineering has generated various derivatives and international financial transactions have, thereby, been diversified, with the various loosening restrictions on the financial industry.
On the 21st century, the financial industry will have achieved a unified international financial market, due to international financial liberalization and cross-border services under the WTO New Round. With more competition and removal of entry barriers in the international financial market, developed countries have promoted M&As in the financial industry and universal banking system.
After financial crisis, important steps were taken to increase foreigners' access to the banking sector in Korea such as subsidiary and ownership of banks. (The rest omitted)