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Republic of Korea : Financial sector assessment program-crisis preparedness and crisis management framework-technical note

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  • Republic of Korea
  • International Monetary Fund; World Bank


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Title Republic of Korea
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Sub Title

Financial sector assessment program-crisis preparedness and crisis management framework-technical note

Material Type Reports
Publisher

Washington, DC:International Monetary Fund; World Bank

Date 2015-01
Series Title; No Country Report / No. 15/5
ISBN 9781498309981
Pages 41
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Holding IMF

Abstract

Korea experienced significant financial distress in the late 1990s along with some of its Asian neighbors. The authorities’ experience in handling this crisis and the experience in handling the fallout from the global financial crisis in 2007–08 helped them establish a broad crisis management framework in Korea. Improving and formalizing the framework for crisis management would help preserve and build upon institutional memory. Authorities can consider formally setting up an apex forum for leading the inter-agency cooperation and coordination work on crisis preparedness and crisis management. With a view to avoid duplication, the authorities may consider upgrading the Macroeconomic Financial Meeting (MEFM) with participation by the heads of the Ministry of Strategy and Finance (MOSF), Financial Services Commission (FSC), Financial Supervisory Service (FSS), Bank of Korea (BOK), and Korea Deposit Insurance Corporation (KDIC) as members, and by including crisis preparedness and crisis management as an explicit mandate. (The rest omitted)