Koreas Experiences In Reforming The Financial Sector Toward A Marked Based System And Lessons For Vietnam

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Korea’s Experiences in reforming the Financial Sector toward a Marked-Based System and Lessons for Vietnam

Author : Dang Thanh Ngo
Publisher : GRIN Verlag
ISBN 13 : 3656114609
Total Pages : 97 pages
Book Rating : 4.6/5 (561 download)

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Book Synopsis Korea’s Experiences in reforming the Financial Sector toward a Marked-Based System and Lessons for Vietnam by : Dang Thanh Ngo

Download or read book Korea’s Experiences in reforming the Financial Sector toward a Marked-Based System and Lessons for Vietnam written by Dang Thanh Ngo and published by GRIN Verlag. This book was released on 2012-01-30 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: Masterarbeit aus dem Jahr 2007 im Fachbereich VWL - Konjunktur und Wachstum, , Sprache: Deutsch, Abstract: Basically, the Korea’s financial sector has gone through three development period under two different types of financial systems. During these three periods, in theory, two financial systems were applied into the Korea’s financial sector: the relationship-based (or state-led) system (from 1960s to late 1980s) and the market-based system (after late 1980s till now). But in fact, due to the differences in applying the market style into Korea, we can see in the second system’s time, there was obviously two periods, the period of ‘gradualism’ and the period of ‘Big Bang’ with the turning point is in 1997. Therefore, it is better to define the history of Korea’s financial development into three periods. The first period started from early 1960s (after the military coup which brought Park Chung Hee to the position of President) to the late 1980s, in which Korea’s economy was under the relationship-based system; the second period lasted from late 1980s to 1997 when the financial crisis occurred due to wrong policies under ‘gradualism’ and bad effects of the first period; and the last period started from 1997 up to now when Korea take ‘Big Bang’ approach to cure its illness after the failure in 1997. Researching the evolution of Korea’s financial system during the three periods as a whole process is important to collect experiences for under-developing country such as Vietnam to improve its financial system. Even though the conditions of Vietnam and Korea are different, but still, the logic behind each policy that the Korean government used in the past will be a big help to Vietnam as well as finding out the reasons of the failures that Korea did not avoid.

Korea's Experiences in Reforming the Financial Sector Toward a Marked-Based System and Lessons for Vietnam

Author : Dang Thanh Ngo
Publisher : GRIN Verlag
ISBN 13 : 365611434X
Total Pages : 101 pages
Book Rating : 4.6/5 (561 download)

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Book Synopsis Korea's Experiences in Reforming the Financial Sector Toward a Marked-Based System and Lessons for Vietnam by : Dang Thanh Ngo

Download or read book Korea's Experiences in Reforming the Financial Sector Toward a Marked-Based System and Lessons for Vietnam written by Dang Thanh Ngo and published by GRIN Verlag. This book was released on 2012 with total page 101 pages. Available in PDF, EPUB and Kindle. Book excerpt: Masterarbeit aus dem Jahr 2007 im Fachbereich VWL - Konjunktur und Wachstum, Sprache: Deutsch, Abstract: Basically, the Korea's financial sector has gone through three development period under two different types of financial systems. During these three periods, in theory, two financial systems were applied into the Korea's financial sector: the relationship-based (or state-led) system (from 1960s to late 1980s) and the market-based system (after late 1980s till now). But in fact, due to the differences in applying the market style into Korea, we can see in the second system's time, there was obviously two periods, the period of 'gradualism' and the period of 'Big Bang' with the turning point is in 1997. Therefore, it is better to define the history of Korea's financial development into three periods. The first period started from early 1960s (after the military coup which brought Park Chung Hee to the position of President) to the late 1980s, in which Korea's economy was under the relationship-based system; the second period lasted from late 1980s to 1997 when the financial crisis occurred due to wrong policies under 'gradualism' and bad effects of the first period; and the last period started from 1997 up to now when Korea take 'Big Bang' approach to cure its illness after the failure in 1997. Researching the evolution of Korea's financial system during the three periods as a whole process is important to collect experiences for under-developing country such as Vietnam to improve its financial system. Even though the conditions of Vietnam and Korea are different, but still, the logic behind each policy that the Korean government used in the past will be a big help to Vietnam as well as finding out the reasons of the failures that Korea did not avoid.

Regulated Deregulation of the Financial System in Korea

Author : Ismail Dalla
Publisher : World Bank Publications
ISBN 13 : 9780821333563
Total Pages : 44 pages
Book Rating : 4.3/5 (335 download)

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Book Synopsis Regulated Deregulation of the Financial System in Korea by : Ismail Dalla

Download or read book Regulated Deregulation of the Financial System in Korea written by Ismail Dalla and published by World Bank Publications. This book was released on 1995-01-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: World Bank Discussion Paper No. 292. Examines the anatomy of the Republic of Korea's financial reform policy since 1979 in order to place the nation's financial reform plan of 1993 in a proper context. Financial deregulation in the Republic of Korea, initiated in 1979, coincided with similar programs in South America and East Asia. The reforms were successful in spite of a mild form of financial repression and a deregulation policy that ran an erratic course. The republic moved decisively in 1993 toward a conventional type of financial liberalization by announcing a blueprint of reforms to be implemented over a five-year period ending in 1997. This paper examines the anatomy of the Korean financial reform policy since 1979 in order to place its financial reform plan of 1993 in the proper context. The report presents a conceptual framework of the Korean financial system and policies, examines interest rate reforms on various levels, and discusses changes in the credit allocation system that were undertaken in earlier phases of the reforms. The book goes on to review the rationale of the final financial reform phase, the sequencing of its various elements, and the assessment. Broad conclusions are presented.

Monetary and Financial Policy Reforms

Author : Friedrich-Ebert-Stiftung
Publisher :
ISBN 13 :
Total Pages : 460 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Monetary and Financial Policy Reforms by : Friedrich-Ebert-Stiftung

Download or read book Monetary and Financial Policy Reforms written by Friedrich-Ebert-Stiftung and published by . This book was released on 1993 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Financial System and Economic Growth

Author : Chongwoo Choe
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Financial System and Economic Growth by : Chongwoo Choe

Download or read book Financial System and Economic Growth written by Chongwoo Choe and published by . This book was released on 1996 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Skilling Up Vietnam

Author : Christian Bodewig
Publisher : World Bank Publications
ISBN 13 : 1464802319
Total Pages : 193 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Skilling Up Vietnam by : Christian Bodewig

Download or read book Skilling Up Vietnam written by Christian Bodewig and published by World Bank Publications. This book was released on 2014-07-02 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: The demand for workforce skills is changing in Vietnam’s dynamic economy. In addition to job-specific skills, Vietnamese employers value cognitive skills, like problem solving, and behavioral skills, like team work. This book presents an agenda of change for Vietnam’s education system to prepare workers to succeed in Vietnam’s modernizing economy.

Restructuring 'Korea Inc.'

Author : Jang-Sup Shin
Publisher : Routledge
ISBN 13 : 1134469381
Total Pages : 157 pages
Book Rating : 4.1/5 (344 download)

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Book Synopsis Restructuring 'Korea Inc.' by : Jang-Sup Shin

Download or read book Restructuring 'Korea Inc.' written by Jang-Sup Shin and published by Routledge. This book was released on 2003-01-16 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 1997 South Korean financial crisis not only shook the country itself but also sent shock waves through the financial world at large. This impressive book critically assesses the conventional wisdom surrounding the Korean crisis and the performance of the IMF-sponsored reform programme.Looking first at the strengths and weaknesses of 'Korea Inc.

The Korean Financial Crisis of 1997—A Strategy of Financial Sector Reform

Author : Mr.Angel J. Ubide
Publisher : International Monetary Fund
ISBN 13 : 1451844646
Total Pages : 67 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis The Korean Financial Crisis of 1997—A Strategy of Financial Sector Reform by : Mr.Angel J. Ubide

Download or read book The Korean Financial Crisis of 1997—A Strategy of Financial Sector Reform written by Mr.Angel J. Ubide and published by International Monetary Fund. This book was released on 1999-03-01 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: After years of strong performance, Korea’s economy entered a crisis in 1997, owing largely to structural problems in its financial and corporate sectors. These problems emerged in the second half of that year, when the capital inflows that had helped finance Korea’s growth were reversed, as foreign investors—reeling from losses in other Southeast Asian economies—decided to reduce their exposure to Korea. This paper focuses on the sources of the crisis that originated in the financial sector, the measures taken to deal with it, and the evolution of key banking and financial variables in its aftermath.

Implication of Financial Reforms in China and Vietnam for North Korea

Author : Ho Yeol Lim
Publisher :
ISBN 13 :
Total Pages : 5 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Implication of Financial Reforms in China and Vietnam for North Korea by : Ho Yeol Lim

Download or read book Implication of Financial Reforms in China and Vietnam for North Korea written by Ho Yeol Lim and published by . This book was released on 2016 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: North Korea's financial system is based upon a mono-banking system, centered on the Central Bank of the DPRK. The Central Bank of the DPRK serves diverse functions - aside from financial activities, it also acts simultaneously as a central bank and a commercial bank. From the experiences of China and Vietnam's financial reform, we draw several implications for North Korea. With the enactment of the Central Bank Law and Commercial Banking Law, North Korea has already laid the institutional foundations for financial reform. What matters is to draft and carry out specific plans for implementation, create an environment conducive to its enforcement, and to continuously put the plan to practice. It is imperative to ensure the explicit prohibition of financial asset provisions via the central bank, to guarantee the smooth transition to commercial banks taking on the primary role in savings and deposits, to acquire substantive tools for currency and foreign exchange market operation, and to stimulate both the capital and foreign currency markets.

Korea's Financial and Corporate Restructuring

Author : Sangho Sohn
Publisher : 한국금융연구원
ISBN 13 :
Total Pages : 192 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Korea's Financial and Corporate Restructuring by : Sangho Sohn

Download or read book Korea's Financial and Corporate Restructuring written by Sangho Sohn and published by 한국금융연구원. This book was released on 2003 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:

From Crisis to Recovery in Korea: Strategy, Achievements, and Lessons

Author : Ajai Chopra
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781451857238
Total Pages : 93 pages
Book Rating : 4.8/5 (572 download)

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Book Synopsis From Crisis to Recovery in Korea: Strategy, Achievements, and Lessons by : Ajai Chopra

Download or read book From Crisis to Recovery in Korea: Strategy, Achievements, and Lessons written by Ajai Chopra and published by INTERNATIONAL MONETARY FUND. This book was released on 2001-10-01 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews and draws lessons from the stabilization and reform program that Korea implemented in response to the 1997-98 crisis. The economy recovered quickly from the deep recession in 1998 and its vulnerability to a balance of payments crisis has been reduced sharply. Significant progress has also been made in stabilizing the financial system and addressing corporate distress, and wide-ranging reforms have made Korea’s economy more open, competitive, and market driven. Notwithstanding these achievements, more needs to be done before the soundness of the corporate and financial sectors is firmly established.

Republic of Korea

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher :
ISBN 13 : 9781513557069
Total Pages : 28 pages
Book Rating : 4.5/5 (57 download)

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Book Synopsis Republic of Korea by : International Monetary Fund. Monetary and Capital Markets Department

Download or read book Republic of Korea written by International Monetary Fund. Monetary and Capital Markets Department and published by . This book was released on 2020-09-18 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Technological innovation in Korea holds great potential for the deepening of its financial system, that could lead to an increase of product offerings and lowering of transaction costs. Korea's financial sector legal framework, particularly the recently announced open banking initiative and anticipated amendments to the legal frameworks for electronic financial transactions and use of personal data, will play a key role in shaping the direction of innovation and competition in the financial sector. The already highly modernized and digitally connected state of the Korean financial sector will amplify the impact of these changes to market structure and competition. Korea's fintech experience illustrates that even within an already highly technologically advanced, efficient, and inclusive financial sector, significant benefits can still be reaped from innovation in financial services.

중국 · 베트남 금융개혁이 북한에 주는 함의 (Implication of Financial Reforms in China and Vietnam for North Korea).

Author : Ho Yeol Lim
Publisher :
ISBN 13 :
Total Pages : 188 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis 중국 · 베트남 금융개혁이 북한에 주는 함의 (Implication of Financial Reforms in China and Vietnam for North Korea). by : Ho Yeol Lim

Download or read book 중국 · 베트남 금융개혁이 북한에 주는 함의 (Implication of Financial Reforms in China and Vietnam for North Korea). written by Ho Yeol Lim and published by . This book was released on 2016 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: English Abstract: North Korea's financial system is based upon the mono-banking system centered around the Central Bank of the DPRK. The Central Bank of the DPRK serves diverse functions - aside from financial activities, it also acts simultaneously as a central bank and a commercial bank. Such framework, however, underwent considerable changes with events such as the Arduous March and the monetary reform in 2009, along with weakening of state control and increase in marketization. The Central Bank's function of providing capital has attenuated, with private finance filling the gap. Especially, the 2009 monetary reform triggered a spike in both the price level and exchange rates, sparking the disbelief towards the North Korean won and financial institutions as well as worsening the dollarization trend. North Korea is facing challenges in utilizing domestic and foreign capitals to foster economic growth. The financial sector which is supposed to channel private saving into investment through financial institutions is malfunctioning, and North Korea's nuclear issues makes it incapable of accessing the foreign finance market. North Korea seems to know the significance of domestic finance in stimulating the economy, and is seeking to foster savings and absorb foreign capitals. The Central Bank Act or the Commercial Banking Law also indicates the nation's willingness to move towards the two-tier banking system. However, North Korea's current situation cannot be resolved merely through a partial change in operational methods nor through institutional adjustments and therefore a fundamental change is necessary in order for the financial system to fulfill its role as a catalyst for economic progress. This research aims to use China and Vietnam's experience of financial reforms to draw out implications for North Korea's financial reform. Along with an analysis about current North Korea's situation, we focus on China and Vietnam's reform process, specifically from pre-reform to early institutional settlement phase. (the rest omitted).

Monetary and Exchange System Reforms in China

Author : Mr.Bernard Laurens
Publisher : International Monetary Fund
ISBN 13 : 9781557755629
Total Pages : 108 pages
Book Rating : 4.7/5 (556 download)

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Book Synopsis Monetary and Exchange System Reforms in China by : Mr.Bernard Laurens

Download or read book Monetary and Exchange System Reforms in China written by Mr.Bernard Laurens and published by International Monetary Fund. This book was released on 1996-09-26 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1978, China embarked on a gradual but far-reaching reform of its economic system. This paper focuses on the achievements so far in reforming the financial sector, the legal framework for financial transactions, the payments system, and the monetary policy and foreign exchange system. It also analyzes the tasks ahead to achieve the goals set in these areas for the year 2000.

Korean Economic Reform

Author : Robert Firestone Emery
Publisher : Ashgate Publishing
ISBN 13 :
Total Pages : 246 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Korean Economic Reform by : Robert Firestone Emery

Download or read book Korean Economic Reform written by Robert Firestone Emery and published by Ashgate Publishing. This book was released on 2001 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1997 the author was told, by an official at the Korean embassy in Washington DC, that the most serious economic problem facing Korea was the need for reform of the financial sector. This proved to be true, as a financial crisis hit Korea in November 1997. Though problems arising before November 1997 indicate that Korea's economic problems were not solely financial. This study covers earlier reform efforts, the 1997 crisis and the measures taken by Korea since then to deal with the country's economic problems. It attempts to analyze the problems and offer suggestions as to how problems might corrected or resolved.

Finance and Economic Development in Korea

Author : Yŏng-chʻŏl Pak
Publisher : 대외경제정책연구원
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Finance and Economic Development in Korea by : Yŏng-chʻŏl Pak

Download or read book Finance and Economic Development in Korea written by Yŏng-chʻŏl Pak and published by 대외경제정책연구원. This book was released on 2004 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Vietnam 2035

Author : World Bank Group;Ministry of Planning and Investment of Vietnam
Publisher : World Bank Publications
ISBN 13 : 1464808252
Total Pages : 596 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Vietnam 2035 by : World Bank Group;Ministry of Planning and Investment of Vietnam

Download or read book Vietnam 2035 written by World Bank Group;Ministry of Planning and Investment of Vietnam and published by World Bank Publications. This book was released on 2016-11-07 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thirty years of Ä?á»•i Má»›i (economic renovation) reforms have catapulted Vietnam from the ranks of the world’s poorest countries to one of its great development success stories. Critical ingredients have been visionary leaders, a sense of shared societal purpose, and a focus on the future. Starting in the late 1980s, these elements were successfully fused with the embrace of markets and the global economy. Economic growth since then has been rapid, stable, and inclusive, translating into strong welfare gains for the vast majority of the population. But three decades of success from reforms raises expectations for the future, as aptly captured in the Vietnamese constitution, which sets the goal of “a prosperous people and a strong, democratic, equitable, and civilized country.†? There is a firm aspiration that by 2035, Vietnam will be a modern and industrialized nation moving toward becoming a prosperous, creative, equitable, and democratic society. The Vietnam 2035 report, a joint undertaking of the Government of Vietnam and the World Bank Group, seeks to better comprehend the challenges and opportunities that lie ahead. It shows that the country’s aspirations and the supporting policy and institutional agenda stand on three pillars: balancing economic prosperity with environmental sustainability; promoting equity and social inclusion to develop a harmonious middle- class society; and enhancing the capacity and accountability of the state to establish a rule of law state and a democratic society. Vietnam 2035 further argues that the rapid growth needed to achieve the bold aspirations will be sustained only if it stands on faster productivity growth and reflects the costs of environmental degradation. Productivity growth, in turn, will benefit from measures to enhance the competitiveness of domestic enterprises, scale up the benefits of urban agglomeration, and build national technological and innovative capacity. Maintaining the record on equity and social inclusion will require lifting marginalized groups and delivering services to an aging and urbanizing middle-class society. And to fulfill the country’s aspirations, the institutions of governance will need to become modern, transparent, and fully rooted in the rule of law.