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Financial Reform, Institutional Interdependency, and Supervisory Failure in the Post-Crisis Korea

  • Hong-Bum Kim

    (Gyeongsang National University, Seoul, Korea)

  • Chung Lee


    (Department of Economics, University of Hawaii at Manoa)

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    In 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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    File Function: First version, 2004
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    Paper provided by University of Hawaii at Manoa, Department of Economics in its series Working Papers with number 200510.

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    Length: 23 pages
    Date of creation: 2005
    Date of revision:
    Handle: RePEc:hai:wpaper:200510
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