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Many of the firms that benefited from this relationship were too indebted, had poor corporate governance, and were inefficient. There was a huge inflow of capital and a bending of regulation in favour of these problematic firms. Hanbo Group, formerly South Korea's second-largest steel-maker, is a good example of this.
Capital controls were an integral part of the Bretton Woods system which emerged after World War II and lasted until the early 1970s. This period was the first time capital controls had been endorsed by mainstream economics. Capital controls were relatively easy to impose, in part because international capital markets were less active in ...
Capital flight ensued almost immediately, beginning an international chain reaction. At the time, Thailand had acquired a burden of foreign debt. [2] As the crisis spread, other Southeast Asian countries and later Japan and South Korea saw slumping currencies, devalued stock markets and other asset prices, and a precipitous rise in private debt.
The Hanbo scandal (also known as Hanbogate [1] [2]) refers to the late-1990s events involving corruption by senior South Korean government officials and top executives of the Hanbo Steel (한보그룹) conglomerate, then South Korea’s second biggest steelmaker and 14th biggest conglomerate based on the book value of their assets.
The government of South Korea is the national government of the Republic of Korea, created by the Constitution of South Korea as the executive, legislative and judicial authority of the republic. The president acts as the head of state and is the highest figure of executive authority in the country, followed by the prime minister and government ...
South Korea, [c] officially the ... In addition to contesting control of the Korean Peninsula, ... Late Silla was a wealthy country, [54] and its metropolitan capital ...
Prudential capital controls are typical ways of prudential regulation that takes the form of capital controls and regulates a country's capital account inflows. Prudential capital controls aim to mitigate systemic risk , reduce business cycle volatility, increase macroeconomic stability, and enhance social welfare .
The Bank of Korea was established on 12 June 1950 under the Bank of Korea Act passed of 5 May 1950, taking over assets and operations from the simultaneously liquidated Bank of Chōsen. [2] It was given a wide range of functions in relation to monetary and financial policy, banking supervision, and foreign exchange policy.