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

Hong-Bum Kim and Chung Lee ()
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Hong-Bum Kim: Gyeongsang National University, Seoul, Korea
Chung Lee: Department of Economics, University of Hawaii at Manoa

No 200510, Working Papers from University of Hawaii at Manoa, Department of Economics

Abstract: 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.

Keywords: financial reform; institutional interdependency; Korea’s post-crisis reform in financial supervision (search for similar items in EconPapers)
JEL-codes: G20 N20 O17 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2005
New Economics Papers: this item is included in nep-fin, nep-his, nep-reg and nep-sea
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