Financial Reform, Institutional Interdependency, and Supervisory Failure in Postcrisis Korea

In the aftermath of the economic crisis of 1997–1998, South Korea undertook a number of reforms in financial supervision. Questions have been raised, however, as to whether Korea has in fact succeeded in creating a system of financial supervision capable of dealing with certain risks and responding...

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Bibliographic Details
Published inJournal of East Asian studies Vol. 6; no. 3; pp. 409 - 431
Main Authors Kim, Hong-Bum, Lee, Chung H.
Format Journal Article
LanguageEnglish
Published New York, US Cambridge University Press 01.09.2006
Lynne Rienner Publishers
Subjects
Banking
Business structures
Capital market
Company business management
Credit
Credit cards
Economic aspects
Economic Crises
Economic crisis
Economic Policy
Economic recovery
Economic reform
Economic regulation
Economic systems
Evaluation
Financial institutions
Financial reforms
Government reform
Korea
Management
Personal debt
Policy Reform
Risk
South Korea
Supervision
World Bank
South Korea
formal and informal institutions
institutional reform
financial supervision
institutional interdependency
supervisory failures
Korean credit card companies
financial reform
postcrisis reform
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Summary:In the aftermath of the economic crisis of 1997–1998, South Korea undertook a number of reforms in financial supervision. Questions have been raised, however, 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. This article examines Korea's recent experience in financial instability resulting from misconduct by credit card companies as a case in point and argues that the postcrisis reform in financial supervision was limited to changing formal institutions for financial supervision and that further reforms will have to be undertaken in other related institutions if Korea is to improve its financial supervision.
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ISSN:1598-2408
2234-6643
DOI:10.1017/S1598240800004641