Financial Reform, Institutional Interdependency, and Supervisory Failure in the Post-Crisis Korea
AbstractIn the wake of the economic crisis of 1997-98 South Korea undertook a number of reforms in financial supervision. In spite of these reforms doubts have been raised as to whether Korea has in fact succeeded in creating a system of financial supervision capable of dealing with certain risks and responding to new challenges appropriately. This paper argues that because of institutional interdependency a successful institutional reform requires changing not only the particular institution at issue but also other inter-related institutions; that Korea’s post-crisis reform in financial supervision was limited to changing formal institutions for financial supervision; and that further reforms are needed in other institutions—formal as well as informal—if Korea is to further improve financial supervision.
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Bibliographic InfoPaper provided by University of Hawaii at Manoa, Department of Economics in its series Working Papers with number 200510.
Length: 23 pages
Date of creation: 2005
Date of revision:
Find related papers by JEL classification:
- G20 - Financial Economics - - Financial Institutions and Services - - - General
- N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
- O17 - Economic Development, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-06-05 (All new papers)
- NEP-FIN-2005-06-05 (Finance)
- NEP-HIS-2005-06-05 (Business, Economic & Financial History)
- NEP-REG-2005-06-05 (Regulation)
- NEP-SEA-2005-06-05 (South East Asia)
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