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기타 연구자료 Restructuring the Korean Financial Market in a Global Economy 2002.01.31

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기타 연구자료 Restructuring the Korean Financial Market in a Global Economy #세계경제 및 경제위기 #금융시장 구조 #국제금융

2002.01.31

  • KDI
    조이제, 편
  • KDI
    김윤형, 편
  • KDI
    신인석, 편
영문요약
The Asian Crisis of 1997 presented the international community—not to
mention the affected countries—with many new challenges. It revealed
our ignorance of the mechanics of international financial crises and questioned
the traditional understanding of the merits of international capital
flows. Meanwhile, how to restructure the devastated financial sectors in
the crisis countries urgently demands answers.

In what follows, this edited book attempts to address some of the
issues relating to the Asian crisis and, more specifically, the Korean case.
The topics selected for investigation are risks of capital mobility, causes of
financial crises, and the restructuring of the financial sector—three areas
that, in the opinion of the project organizers, are in the greatest need of
study not only for Korea but for other individual countries affected by
crises. On each topic, the existing arguments are critically reviewed based
on experiences of Korea and other countries, and new policy implications
are sought.

Papers in the volume argue that the Asian crisis, including the Korean,
is difficult to be construed in terms of the traditional "fundamentals-misalignment"
view. In this regard, one common theme throughout the volume
is that, while the fundamental virtue of "globalization" or "international
financial integration" needs to be reaffirmed, limited controls on
short-term capital flows may be necessary to contain associated risks. It is
notable that the Korean economy has already accommodated this advice
recently by fully liberalizing its capital account. Also aware of the potential
risk of short-term capital flows, policy makers have granted government
the power to introduce measures dealing with destabilizing short-term
capital movement in an emergency.

Regarding the restructuring of the financial sector, the volume advocates
decisive action on the part of policy makers and provides a warning
that political setbacks can be major challenges to overcome in many countries.
As financial sector restructuring is still ongoing, a challenge thus
facing Korea is whether it can develop the political leadership that will
provide consistency and continuity in restructuring aimed at long-term
sustainable economic growth.

The volume comprises the papers presented at two conferences:
(1) "Restructuring and Strengthening the Korean Bond Market in a Global
Economy" (August 6–7, 1998), jointly sponsored by the Korea Securities
Supervisory Board and the East-West Center, and (2) "Restructuring
Korea’s Financial Market" (August 10–11, 1998), jointly sponsored by the
Korea Development Institute and the East-West Center. Both conferences
were held at the East-West Center’s Hawaii Imin International ConferenceCenter in Honolulu. The Introduction and Overview chapter has been
updated to reflect recent changes in economic environments. I would like
to thank Dr. Lee-Jay Cho, senior advisor of the East-West Center, Dr. Yoon
Hyung Kim, professor of economics at Hankuk University of Foreign
Studies and senior fellow at the East-West Center, and Dr. Inseok Shin, fellow,
the Korea Development Institute, for coordinating the conference and
preparing this volume for publication. I also thank the paper writers, discussants,
and other participants who contributed to the conference. Our
gratitude goes to Dr. Kennon Breazeale for production coordination and
the East-West Center’s graphics and production services, which prepared
the cover and book design and brought the book to a camera-ready state.
목차
Figures
Tables
Contributors
Preface
Introduction and Overview

Part I. Risks of Capital Mobility and Causes of Financial Crises

1. International Financial Integration: Pitfalls and Possibilities
 Trade in Financial Services: Effects on Real and Financial Sectors
 Capital Flows and the Domestic Economy
 Policy Lessons for East Asian Emerging Markets
 Conclusions on Financial Integration

2. Potential Impact of International Capital Flows on the Korean Financial Market and Real Sector: Korea’s Strategic Responses
 Introduction
 Recent Developments in International Financial Markets
 Financial Innovations in World Capital Markets
 Patterns of Capital Flows to Developing Countries
 Private Capital Flows to Korea
 Capital Controls and Their Implications
 Strategic Issues for Strengthening the Korean Bond Market
 Conclusions and Recommendations

3. Why Latin America 1995 and East Asia 1997 Are Alike
 Introduction
 Overview
 The Disequilibrium View
 Multiple Equilibrium Models
 The Composition of Capital
 An Insurance Model
 Conclusion
 Data Appendix

4. The Korean Financial Crisis: Causes and Resolution
 Introduction
 Causes of the Korean Financial Crisis
 Resolution of the Financial Crisis in Korea
 Conclusion: Lessons and Future Challenges

5. International Economic Policy in the Wake of the Asian Crisis
 Introduction
 The Cautious Case for Capital Mobility
 Lessons for Country Policy
 Implications for the International Monetary Fund
 Conclusion
 COMMENTS

Part II. Recovery from Crises and Restructuring of Financial

6. Recovering from Crises: Lessons from Mexico
 Introduction
 What Led to the Crisis?
 Policy Measures in the Aftermath of the Crisis
 Evolution of the Mexican Economy: 1995-97
 Evolution of the Banking Rescue Program
 Lessons from the Mexican Experience

7. Resolving, Recapitalizing, and Restructuring Insolvent Banks and Banking Systems
 Introduction
 Financial Problems and Macroeconomic Stability
 Resolving and Recapitalizing Insolvent Banks
 Maintaining Bank Solvency and Efficiency
 Summary and Conclusions

8. Corporate Restructuring and Financial Reform in Korea
 Introduction
 Chaebol: Growth Engine of the Past
 Challenges and Their Origin
 Corporate Governance and the Role of Government
 Other Issues
 Conclusion

9. A Comparative Study of the Fixed-Income Market in the United States, Europe, and Japan: Lessons and Implications for East Asian Emerging Markets
 Introduction
 Debt Securities Markets in the United States, Europe, and Japan
 Lessons from Government Securities Markets
 Lessons from Corporate Debt Securities Markets
 Conclusion

10. Korea: Bond Market in Transition
 Ismail Dalla
 Executive Summary
 Introduction
 Financial Crisis and Macroeconomic Development
 Policy Responses
 The Financial Sector
 The Bond Market
 Legal and Regulatory Framework
 Clearing, Settlement, and Custody
 Taxation
 Rating Agencies
 Internationalization of the Bond Market
 Issues and Prospects
 Appendix
 COMMENTS
 FINAL COMMENTS
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