Table of contents for Korean economic reform : before and since the 1997 crisis / Robert F. Emery.


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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