Fostering Innovation Growth through Regulatory Reform

This study takes a comprehensive look at the overall flexibility of regulatory governance in Korea, including the design, implementation, and monitoring of the many issues surrounding regulatory reform that stand in the way of innovation growth. Based on the findings of the analysis, the paper provides recommendations for the direction of regulatory reforms. The paper additionally finds that while there are many mechanisms in place for regulatory reform, very little reform has actually occurred. An important point is that when formerly restricted industries are allowed to operate after changes are made to laws and institutions, this in itself does not increase regulatory flexibility. The authors of the study recommend expanding negative regulations along with enhancing their efficiency as a means of achieving real results and actualizing innovation growth.