Regulatory Reforms in the Age of Financial Consolidation: The Emerging Market Economy and Advanced Countries

Kim, Joon Kyung / Cho, Lee-Jay(Editor)

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Issue Date: 2006-12

Publisher: Korea Development Institute

Contents: PART I. LEGAL REFORMS OF FINANCIAL REGULATIONS: INTERNATIONAL EXPERIENCES

Part I-1: Advanced Countries

1. Legal Reforms of Financial Regulations: Case of the United Kingdom
　Historical Perspective　
　Labour Government Creates Single Financial Regulator
　Increase in FSA’s Powers
　The Key Legal and Operational Features of the FSA
　The Future of Global Regulation
　Conclusion
　Appendix

2. An American Perspective on the UK Financial Services Authority: Politics, Goals, and Regulatory Intensity
　Introduction
　The Political Economy of Financial Reform
　A Comparative Analysis of Regulatory Objectives
　Intensity of Financial Regulation
　Comments

3. Australia’s Regulatory Response to Financial Consolidation in the Context of Globalization
　Introduction
　Financial Consolidation in the Context of Globalization
　History of Australia’s Regulatory Reform
　Trends and Policy Directions
　Conclusion

4. A Japanese Perspective on Regulatory Reform in the Financial Sector
　Introduction
　Japan’s Big Bang Reform
　Political Economy in the Financial Reform in Japan
　Current and Future Issues in Japan
　The Japanese Model: Does It Exist?
　Conclusion
　Comments

Part I-2: Emerging Market Economy

5. Consolidation of Financial Services Laws in Korea: An Interim Report
　Introduction
　Background of the Consolidated Law Project
　Consolidating Various Financial Laws: Issues and Challenges
　Financial Products, Financial Services, and Financial Businesses
　Conclusion

6. Evolution of Korean Financial Regulations
　Introduction
　Hypothesis
　Fitting to History
　Conclusion: Challenges Ahead
　Comments

PART II. SUPERVISORY CHALLENGES UNDER A CONSOLIDATED FINANCIAL SYSTEM

Part II-1: Supervisory Responses to Financial Consolidation

7. Risks and Supervisory Challenges of Financial Conglomerates in Korea
　Introduction
　The Rise of Financial Conglomerates in Korea
　Financial Consolidation and Changing Risks
　Supervision of Financial Conglomerates in Korea
　Policy Implications and Suggestions

8. Risk and Capital Regulations on SME Loans in Korea
　Introduction
　Features of the Korean Banking Industry
　Empirical Analysis
　Conclusion
　Comments

Part II-2: Supervisory Issues for Crisis Management

9. Regulation and Policy Response to Systemic Crises
　Introduction
　Endogenous Nature of Financial Risk
　Emerging Market Currency Crises
　1763 Crisis
　A Formal Framework for the Analysis of Systemic Risk
　Regulation and Policy Response
　Concluding Remarks

10. Identification and Management of Systemic Risks: Macro and Micro Evidence in Korea
　Introduction
　Literature Survey on Systemic Crisis
　Quantitative Identification of Systemic Crisis in Korea
　Vulnerability of the Korean Economy to External Shocks
　Summary and Conclusion
　Appendix: Corporate Data Used

11. Financial Supervision and Crisis Management: U.S. Experience and Lessons for Emerging Market Economies
　Introduction
　Evolving Structure of Banking in the United States
　Banking Crisis of the Late 1980s and Early 1990s
　Postcrisis Developments
　Lessons for Emerging Market Economies
　Appendix 1: Major depository financial institution legislation
　Appendix 2: Banking institutions and their regulators:
　Comments

PART III. MAJOR POLICY FINDINGS AND IMPLICATIONS

Roundtable Discussion