Thinking big

Article Abstract:

South Korean policymakers recognize the need to modernize their finance sector, and a series of steps since 1991 mark a modest move toward that goal. However, the banking sector suffered heavily under the government-led development strategy that favored large industrial conglomerates. Excessive regulation created over-specialization and too many institutions and branches while government policies loaded banks' books with nonperforming loans, now estimated at 7.5% of the total. Overdue consolidation will help the economy.

Commercial Banks, Commercial Banking, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Banking Regulation, Banking industry, Laws, regulations and rules, Banking law

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Performance anxiety: Seoul exhorts business to compete better

Article Abstract:

South Korea is planning to raise industrial competitiveness by 10% in a serious attempt to improve GDP growth, which will be down to 6.8% this year from 9% in 1995. The government is proposing a combination of deregulation and guidance to control increasing production costs and limited credit. Measures include discount rents on public land for industry, elimination of 10,000 government jobs, and relaxation of limitations on corporate borrowing from foreign banks.

Administration of General Economic Programs, Business Aid Programs, Industrial policy, Business assistance

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