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Well-functioning capital markets should encourage private saving and investment by channeling surplus funds to reach their most productive uses. In the process, well-functioning capital markets create a diverse menu of saving and investment options: some at higher risk, some at lower risk, some shorter term, some longer term. A fully…
During the 1972 U.S. presidential campaign, “Deep Throat,” later revealed to be Associate Director Mark Felt of the FBI, counseled Washington Post journalists Bob Woodward and Carl Bernstein to “follow the money” to unravel the Watergate scandal. In his final paper, “How North Korea Finances Its International Trade Deficit: An…
After the Asian financial crisis of 1997, the Korean government geared up to carry out financial restructuring. As a result, the number of domestic financial institutions stood at almost half the number before 1997, but their asset size, soundness, and profi tability were greatly improved. For example, the total assets…
Korea’s money market includes the call market as well as markets for monetary stabilization bonds (MSBs), negotiable certifi cates of deposit (CDs), repurchase agreements (repos), commercial paper (CP), and cover bills (CB). Korea’s money market so far seems to have been relatively immune to the global credit crunch generated by…
This article investigates the progress in corporate governance reform in Korea since 1997 as well as current corporate governance challenges. It focuses on corporate governance issues and, as such, does not analyze other aspects—overall reform and competitiveness of the corporate sector, macroeconomic policies, and financial sector reforms—these have also been…
According to a preliminary estimate by the Bank of Korea on 4 January 2008, Korea’s per capita gross domestic product (GDP) and per capita gross national income (GNI), which adjusts GDP for changes in terms of trade, exceeded $20,000 by the end of 2007. This was achieved mainly through the…