[Insight Into Korea 7]
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Financial Industry at a Crossroads comes out at a time when the financial firestorm stemming from the burst of the U.S. subprime mortgage bubble is threatening to push the global economy into the second Great Depression. Korea is not immune to this global financial disaster. It has suffered a sharp drop in the value of the won and a stock market plunge.
The recent turmoil in Korean financial markets reminds us that the reform journey is not yet over for Korea's financial regulators and institutions. As the 1997-98 crisis provided Korea with a valuable opportunity to correct the past problems, the latest turbulence should serve as an opportunity for Korea to take its reform efforts into a new dimension.
In Financial Industry at a Crossroads, the researchers of the Korea Institute of Finance chart the future course of this reform journey. They emphasize that the financial industry should depart from past legacies and adopt a system more pertinent to growth, innovation and capability, building upon the improvements achieved during the past 10 years.
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Preface
Introduction
Toward a post-crisis vision for financial sector
1. Historical Background of Financial Crisis
․The 1997 crisis: Learning from hindsight
2. Reform and Restructuring
․Reform: Korea's way out of the financial crisis
․Restructuring financial and corporate sectors
․Time for a more active, external approach
3. Post-Crisis Transformation of Financial Industry
․Journey not yet over for Korean banks
․Savings banks, credit firms need more freedom
․Post-crisis challenges facing securities industry
․Insurers urged to look beyond local market
․Changes and challenges in asset management
․Specialized financial market on a solid footing
4. Evolution of Financial Market
․Establishing efficient short-term financial markets
․The trials and tribulations of Korea's stock markets
․Bond market needs continuous improvement
․Currency market must be fully liberalized
․Derivatives market grows due to rising hedging demand, products development
5. Regulatory Challenges and Institutional Development
․Recipe for success of financial conglomerates
․Caution urged in easing bank ownership rules
․Establishing market discipline, principles-based supervisory system
․Booming credit industry will help financial markets
․Reconsidering the role of policy financing
․Improving transparency in financial market
․Financial hub requires skilled manpower
6. The Vision for Korean Financial Industry
․Financial services industry on new horizon
․Long-term goals of the financial hub strategy
․Capital Market Consolidation Act to overhaul financial sector
․Investment banking as a new growth engine
․Differentiation is key to successful globalization
․Electronic finance enhances service efficiency
Conclusion
․Post-crisis vision of Korea's financial industry