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Unpublished Paper
Korea’s Financial Regulatory Reforms Responding to the Global Financial Crisis of 2008: Assessments and Future Prospects
ExpressO (2013)
  • Dong Won Ko
Abstract

Since the 2008 global financial crisis (GFC), we have seen many reforms, as each country has endeavored to reform its financial regulatory system, including banking and financial regulation. The reforms attempted to respond to the crisis in line with the new global regulatory framework initiated by G-20s and international financial organizations. The Korean Government has also proposed new legislation and financial reforms, in response to the GFC, including reinforcement of protection for financial consumers and strengthening the corporate governance in financial institutions. This article seeks to review the regulatory reform measures, and to analyze whether such measures follow those global trends and reforms. Then, given that further reforms remain necessary to rectify other shortcomings revealed as a result of the GFC, it provides some recommendations for the future direction of reform to further enhance the competitiveness of the Korean financial industry.

Keywords
  • Global Financial Crisis,
  • Financial Regulatory Reform,
  • G-20,
  • Financial Consumer Protection,
  • Corporate Governance,
  • Bank Levy
Disciplines
Publication Date
July 14, 2013
Citation Information
Dong Won Ko. "Korea’s Financial Regulatory Reforms Responding to the Global Financial Crisis of 2008: Assessments and Future Prospects" ExpressO (2013)
Available at: http://works.bepress.com/dongwon_ko/1/