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1 Introduction 2 Current Structure and Operation of the Financial System An Overview of the General Economic Situation Domestic Economic Developments External Sector Developments Korea's Financial Institutions The Deposit Money Banks Nonbank Financial Institutions Financial Institutions Other Than Banks and NBFIs Size and Relative Shares of Financial Institutions How Korea's Financial System Operates Past Monetary Policy Supervisory Institutions 3 Financial Reform Prior to the 1997 Crisis Financial Reform Measures During 1979-1991 Financial Reform Measures Prior to November 1997 The August 1993 Real-Name Reform The Presidential Advisory Council for Financial Reform Government Measures in 1997 to Reform the Financial Sector 4 The Basic Underlying Problems of the Economy Financial System Problems Structural Flaws in the Financial System Government Intrusion in the Financial System Management Deficiencies in the Financial System The Nonperforming Loans Problem Corporate Sector Problems Problems in the Nonfinancial Business Sector The Festering Problem of the Kia Group Labor and Government Sector Problems 5 The 1997 Crisis and the Economic Reform Program Causes of the Crisis Early Warning Signs A Sharp Worsening of the Financial Situation The Request for IMF Assistance The IMF/Government Economic Program The Ineffective December Program A Second Rescue in December 1997 Assessment of the Government's Program Fiscal Policy Privatization of Government-Owned Enterprises Monetary Policy Capital Account Liberalization The Unemployment Problem and the Social Safety Net 6 Reform and Restructuring of the Financial Sector Reform and Restructuring of the Banking Sector Banking Sector Problems at the Time of the 1997 Crisis The Government Organizations Tackling the Financial Problems Commercial Bank Reform and Restructuring Recapitalizing the Banks and Liquidating the NPLs Merging the Five Disapproved Banks Foreign Purchase of Bank Stocks Government-Owned Banks Banks' Performance FSC's Reform and Restructuring Actions Assessment of Commercial Banks' Progress Reform and Restructuring of the NBFIs Merchant Banks Investment Trust Companies Insurance Companies Securities Companies Two State-Run Banks and the Leasing Companies Capital and Money Market Liberalization Korea Stock Exchange Bond Market Mutual Funds The Korea Futures Exchange A Brief Assessment 7 Reform and Restructuring of the Corporate Sector The Predominance of the Chaebols and Their Problems Government Measures for Corporate Sector Reform The Five-Point Accord of January/February 1998 The Government's Program for the Top 6 to 64 Chaebols Eliminating Cross Debt Payment Guarantees Liberalizing Mergers and Acquisitions The Corporate Restructuring Fund New Requirements for Financial Statements and Audits Authorization for the Issue of Asset-Backed Securities Corporate Restructuring The Main Goals of Corporate Restructuring Improving Corporate Governance Empowerment of Minority Shareholders Corporate Downsizing and Other Restructuring Actions Reducing the Debt/Equity Ratios Workout Programs and the London Approach Korea's Inadequate Bankruptcy System The Big Deals and Chaebol Restructuring Restructuring Agreements Between the Government and the Chaebols The Big Deals The Daewoo Near Bankruptcy A Brief Assessment 8 Overall Assessment An Assessment of Financial Sector Reform Since the Crisis Unresolved Problems The Continuing NPL Problem Potential Problems in the Banking Sector Problem Institutions Among the NBFIs Capital and Money Markets Corporate Sector Reform and Restructuring Negative Developments The Big Deals The Workout Programs Circumventing the Bans on Cross Subsidiary Financing Some Moderate Changes in Corporate Governance Reform of the Bankruptcy System Needed The Dismantling of the Daewoo Group Gaps in the Corporate Institutional Structure Reform in the Labor and Government Sectors Final Assessment and Economic Outlook Some Lessons Learned Some Accomplishments Unfinished Tasks Economic Outlook "We Have a Mountain of Tasks to Complete" Bibliography Index