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외환위기 10년(The post-crisis transformation of Korea's financial system) : 금융시스템의 변화와 평가

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  • 외환위기 10년(The post-crisis transformation of Korea's financial system)
  • 함준호
  • 한국경제학회


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Title 외환위기 10년(The post-crisis transformation of Korea's financial system)
Similar Titles
Sub Title

금융시스템의 변화와 평가

Material Type Articles
Author(Korean)

함준호

Publisher

[서울]:한국경제학회

Date 2007
Journal Title; Vol./Issue 경제학연구:vol. 55(no. 4)
Pages 45
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Link
Subject Economy < Economic Administration
Holding KEA

Abstract

This paper evaluates the structural transition of Korea’s financial system from three perspectives - the macro flow of funds, financial sector consolidation, and lending practices of financial intermediaries. We find that the development of a market-based financial system has been limited due to the ‘bank-first’ restructuring policy combined with the low risk appetite of firms and households. Second, the marked improvement in the profitability and capital soundness of financial firms may not be sustainable as asset size and economies of scale-based profitability may not persist. Third, the corporate lending practices of financial intermediaries seem to have taken steps forward. However, information production and risk sharing roles of financial intermediaries remain far from fully functional.