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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.
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.
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