Kim the broker
Article Abstract:
South Korea's Pres-elect Kim YoungSam is already trying out solutions to South Korea's economic problems even before he assumes office on Feb 25, 1993. Kim is faced with the problems of high interest rates and the inefficiency of the financial system. He has then recommended the lowering of interest rates so that companies can save around $3.8 billion in debt service costs in 1993. The companies in turn are urged to reinvest the saved money to boost the economy and further spur economic growth.This first initiative by Kim received positive comments from financial critics.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1993
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Shock of recognition: real-name financial accounts may roil Korean economy
Article Abstract:
South Korean Pres Kim Young Sam shocked the nation on Aug 12, 1993 by prohibiting anonymous financial accounts and establishing, effective the following day, a real-name financial system. Kim's decree was surprising because false-name or anonymous accounts made up 20% of South Korean financial accounts. However, economic reformers who have long condemned the old system hailed Kim's bold action. Although the decree may cause some short-term inflation, it should eventually be economically beneficial, especially if Kim follows it up with additional reforms.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1993
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End of anonymity
Article Abstract:
South Korea's banking system will change profoundly on Oct 12, 1993 when anonymous financial accounts will be abolished in accordance with Pres Kim Young Sam's Aug 12 emergency decree. The decree will do away with the traditional means by which the country's white collar professionals and rich have concealed their financial holdings. Kim is also exhorting the banks to increase their lending to small and medium-sized businesses. Deregulating local interest rates may be necessary for banks to comply with this request.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1993
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