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3 results

  • 12 - Regulatory Structure and the Revolving Door Phenomenon in South Korea

  • from Part III - Different Topographies
  • Edited by Andrew Godwin, Andrew Schmulow
  • Book:
    The Cambridge Handbook of Twin Peaks Financial Regulation
    Published online:
    24 June 2021
    Print publication:
    15 July 2021, pp 215-235

  • Summary

    For almost a decade, South Korea has failed in its quest to scale the ‘Twin Peaks’. Every presidential election cycle and congressional term has produced numerous proposals to reform the Korean financial regulatory architecture, along the lines of the Twin Peaks model. This chapter first outlines the 2011 savings bank crisis, and the subsequent botched architectural reforms, with a focus on the proposed Twin Peaks approach in Korea. It then examines the risks of the revolving door phenomenon in general, and specifically in the context of the 2011 savings bank crisis. A brief description and analysis of Korea’s anti-revolving door provisions, and revisions introduced in 2011, follows. Finally, the chapter analyses the implications of the revolving door phenomenon for the Twin Peaks regulatory architecture.

  • Chapter 3 - Cooperative Movements in the Republic of Korea

  • from Section 1 - Cooperative Issues in a Global Overview
  • Edited by Patrizia Battilani, Università di Bologna, Harm G. Schröter, Universitetet i Bergen, Norway
  • Book:
    The Cooperative Business Movement, 1950 to the Present
    Published online:
    05 September 2012
    Print publication:
    27 August 2012, pp 83-106

  • Summary

    This chapter explores the historical development of cooperativism in Korea which has cultural characteristics different from those of the Western world. Financial cooperatives began operation in rural areas in 1907, three years prior to Chosun being completely integrated into the Japanese economy, and were extended to urban areas in 1918. No autonomous and civil cooperatives appeared in Chosun until 1920 when a few consumer cooperatives were established in Kyungsung and in Mokpo by some grassroots pioneers pursuing political independence through economic independence. In Korea, state influence on the cooperative sector was to become a permanent characteristic. In the sector of savings and credit cooperatives, there is a strong separation between the agricultural cooperatives of the national agricultural cooperative federation (NACF), CUs, and credit cooperatives (CCs), although they share similar goals and guiding principles, have overlapping membership, and are facing the same stiff competition from commercial banks.