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South Korea’s Adoption of and Adaptation to Bancassurance: Coercion, Emulation, Bureaucratic Autonomy, and Policy Advocacy Coalition

  • Korean Society and Public Administration
  • Abbr : KSPA
  • 2015, 26(2), pp.249-278
  • Publisher : Seoul Association For Public Administration
  • Research Area : Social Science > Public Administration

김인오 1 Koo, Min Gyo 2 장아름 2

1매일경제
2서울대학교

Accredited

ABSTRACT

Amid the pressure for financial deregulation followed by the International Monetary Fund’s conditionalities, the South Korean government decided to adopt the bancassurance (banking+insurance) program in 2003. Along with the coercion imposed by the international financial community, an emulative motivation held by the Korean financial bureaucrats were behind the decision. In spite of bureaucratic conviction of the neoliberal program, South Korea’s bancassurance has been downsized in a series of policy tinkering and is still drifting at best. The main cause of such a policy change during the adaptation period since 2004 was the interest group politics between the banking and insurance sectors that virtually paralyzed the autonomy of financial bureaucrats.

Citation status

* References for papers published after 2023 are currently being built.

This paper was written with support from the National Research Foundation of Korea.