Development and Change in Korea's Financial System
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This paper examines the major development and historical changes of the Korean financial system over a period from its initial stage to the most recent time. Korea's financial system especially showed radical changes in the process of the country's financial restructuring following the devastating financial crisis which broke out in late 1997. Financial institutions and financial markets, two key poles in financial system, are discussed in detail. In the wake of the crisis, a large number of financial institutions and firms went bankrupt and corporate external financing dwindled due to the sluggish investment and the use of internal financing for their investment. Their external fund has been more financed directly from the markets vis-a-vis indirect financing through bank loans. Financial markets have played an increasingly important role in the fund procurement in the corporate sector, and even more so in the future with the implementation of the 'Capital Market Consolidation Act' which came into effect on February 4, 2009. Korea's financial system, which the government traditionally implemented extensive controls, has been moving towards the market-based system since the outbreak of the 1997 financial crisis.
Abstract
This paper examines the major development and historical changes of the Korean financial system over a period from its initial stage to the most recent time. Korea's financial system especially showed radical changes in the process of the country's financial restructuring following the devastating financial crisis which broke out in late 1997. Financial institutions and financial markets, two key poles in financial system, are discussed in detail. In the wake of the crisis, a large number of financial institutions and firms went bankrupt and corporate external financing dwindled due to the sluggish investment and the use of internal financing for their investment. Their external fund has been more financed directly from the markets vis-a-vis indirect financing through bank loans. Financial markets have played an increasingly important role in the fund procurement in the corporate sector, and even more so in the future with the implementation of the 'Capital Market Consolidation Act' which came into effect on February 4, 2009. Korea's financial system, which the government traditionally implemented extensive controls, has been moving towards the market-based system since the outbreak of the 1997 financial crisis.
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