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Evaluation on Financial Policies in Korea after the Financial Crisis Based on Market-Friendliness and Efficiency

  • Journal of Regulation Studies
  • 2008, 17(1), pp.183-220
  • Publisher : 한국규제학회
  • Research Area : Social Science > Public Administration

곽노선 1,  김홍균 1,  박정수 1

1서강대학교

Accredited

ABSTRACT

This paper evaluates the degree of market-friendliness and the efficiency improvement of the post-crisis financial policies by the government and examines the relationship between the market-friendliness and the efficiency improvement of seven major financial policies: Capital Market Consolidation Act. the separation of financial and industrial capitals, M&A related policies, supervisory policies, monetary policy, foreign exchange policy, and policies on specialized banking. The results from the survey for a group of experts and the research staffs at the Sogang Research Institute for Market Economy show that only Capital Market Consolidation Act contributes to the efficiency improvement of financial markets. The correlation coefficients between market-friendliness and efficiency improvement of each policy range from 0.616 to 0.778, which implies that market friendly policies tend to improve market efficiency. These findings suggest that financial policies should be directed toward facilitating markets to function efficiently.

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