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Korea investment corporation: its origin and evolution

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  • Kim, Woochan

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.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 44028.

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Date of creation: 01 Aug 2011
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Publication status: Published in Journal of the Asia Pacific Economy 17.2(2012): pp. 22-36
Handle: RePEc:pra:mprapa:44028

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Related research

Keywords: Sovereign Wealth Fund; FX Reserve; Currency Crisis; FX Swap; Korea;

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  1. Edwin M. Truman, 2011. "Sovereign Wealth Funds: Is Asia Different?," Working Paper Series WP11-12, Peterson Institute for International Economics.
  2. Edwin M. TRUMAN, 2011. "Are Asian Sovereign Wealth Funds Different?," Asian Economic Policy Review, Japan Center for Economic Research, vol. 6(2), pages 249-268, December.
  3. Eric Parrado, 2004. "Singapore's Unique Monetary Policy: How Does it Work?," IMF Working Papers 04/10, International Monetary Fund.
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