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The resurgence of banking institutions in post-crisis Korea

Abstract This article studies financial structure transition in Korea by focusing on the flow of funds as endogenous responses to government reform policies. In the pre-crisis period, asymmetric and unbalanced financial liberalization policies had resulted in the dominance of non-bank financial institutions and the deterioration of corporate debt structure. After the crisis, notwithstanding the IMF reform package designed to make Korea's financial system more arm's-length and market-based, the financial structure has become more bank-based as a result of the sequential approach to bank and non-bank financial restructuring as well as delayed resolution of insolvent non-financial firms. We identify risk factors embedded in this financial transition gridlock and draw policy lessons.]