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This paper examines the anatomy of the Korean financial reform policy since 1974 in order to place its financial reform plan of 1993 in the right perspective. It starts with a conceptual framework which provides a rationale for why the financial liberalization in Korea proceeded gradually with government guidance which was market-conforming. It argues that the Korea ' s approach to regulated financial reform was rooted in its institutions, history and its peculiar genius to devise non-market institutions as complementary and supportive to the market system. After surveying Korea ' s progress in financial system liberalization, the paper focuses on Korea ' s blueprint of complete deregulation introduced in 1993 and brings out its underlying logic. It however adds a caution that the Korean model is not possible to replicate in other developing countries.

Publisher: World Bank

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