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Korea investment corporation: Its origin and evolution

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  • Korea investment corporation: Its origin and evolution
  • Kim, Woochan
  • KDI School of Public Policy and Management


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Title Korea investment corporation: Its origin and evolution
Similar Titles
Material Type Reports
Author(English)

Kim, Woochan

Publisher

[Sejong, South Korea]:KDI School of Public Policy and Management

Date 2011-08
Series Title; No Working paper / 11-06
Pages 55
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic System
Economy < Direct Investment
Holding SSRN

Abstract

In this paper, I give a detailed account of the creation and the evolution of Korea Investment Corporation (KIC) – a sovereign wealth fund established in 2005 by the Korean government. In doing so, I highlight three of its unique features. First, the case of KIC effectively shows the problem of having an unclear mission statement, which allows the mission to evolve over time and multiple missions to coexist that may contradict each other. Second, it effectively reveals the typical conflicts that may arise between the central bank and the ministry involved when setting up a reserve-based sovereign wealth fund. Third, it effectively shows how a sovereign wealth fund can be operated in a way that favors the bureaucrats and the politicians.