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The political economy of reforming financial supervison in South Korea

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  • The political economy of reforming financial supervison in South Korea
  • Heo, Inhye
  • SAGE journals


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Title The political economy of reforming financial supervison in South Korea
Similar Titles
Material Type Articles
Author(English)

Heo, Inhye

Publisher

[Los Angeles],[U.S] : SAGE journals

Date 2013-11
Journal Title; Vol./Issue Journalr of Asian and African Studies:vol.49(no.6)
Pages 15
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < General
Economy < Financial Policy
Government and Law < Political Systems
Holding SAGE journals
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Abstract

This study examines the reform trajectory of financial supervision in South Korea after the 1980s, focusing on external and internal political–economic factors. Research results indicate that the changed economic landscape led the government, which once utilized financial supervision as a tool to support industrial policy, to alter its aims and pursue the development of the financial market itself. During this transformational process, the 1997 Asian financial crisis functioned as a powerful stimulus for the reform of the previous supervisory system. The process was also marked by social actors’ efforts to affect related policies and the government’s efforts to control the reform process, as well as confrontations between organizations that supported contradictory reform plans. A multi-strategy approach including in-depth interviews with a senior staff member from a government financial regulatory agency, literature reviews, and secondary data collection, was adopted in order to enhance the validity and reliability of this paper.