After the economic crisis of 1997, South Korea made extensive changes to its economic structure. In particular, fundamental reforms were brought about in the governance structure of corporations and finance. This was because policy makers believed that moral hazard problems based on the 'wrong' corporate and financial governance were at the heart of over investment, inefficiency of management, and low profitability, causing the crisis. The objective of the corporate and financial restructuring was to introduce the capital market-based model of the Anglo-American type. This was seen as a main way to set up the knowledge-based economy or the innovation-driven economy as the capital market-based model was suggested to be innovation friendly. However, Korea's economy is now facing the danger of declining investment and growth.
(The rest omitted)
- 기술혁신 친화적인 기업지배구조와 금융시스템의 한국적 형태(Innovation-friendly corporate governance structure and financial system: its Korean form)
기술혁신 친화적인 기업지배구조와 금융시스템의 한국적 형태(Innovation-friendly corporate governance structure and financial system: its Korean form)
|Series Title; No||정책연구 / 05-12|
|Subject Country||South Korea(Asia and Pacific)|
|Subject||Economy < Financial Policy
Industry and Technology < Entrepreneurship