금융산업 구조 변화의 현황과 전망 및 과제

This article is to review the results of the past financial restructuring that happened after the 1997 financial crisis in Korea and to look at the prospects of and tasks for the future developments in the Korean financial system. The main features of the results of the financial restructuring are those of (i) the launch of large sized financial institutions, in particular, banking institutions through merger and acquisitions, and (ii) the expansion of business scope of financial institutions, engaging in other financial business than their own core business (e.g., in case of banks, bancasurrance business and fund distribution activities). In particular, the launch of a financial holding company system in 2000 is regarded as an another characteristic of the Korean financial system. As to future prospects of the financial system in Korea, the trends of large size, expansion of business scope, globalization and internationalization are expected to continue in that (i) the recently enacted "Capital Market and Financial Investment Business Act" in August 2007 aims to encourage the establishment of a large-sized financial investment company (e.g., investment bank) which is able to conduct securities, asset management, and futures business concurrently, and in competition with those companies, banking institutions and insurance companies are highly likely to pursue the large size, (ii) expansion of their business scope is one of the ways to survive in the competing world, and (iii) the Korean government is implementing the strategy of making it a financial hub country. However, there exist some tasks for achieving the enhanced developments of the Korean financial system, among others: (i) deregulations of the financial holding company system (e.g., increase of the ceiling of its investments in subsidiaries and other companies), (ii) gradual introduction of a universal banking system, (iii) deregulatoins for overseas expansion of financial institutions, (iv) improvements for corporate governance of financial institutions, (v) deregulations of the financial institution entry system and (vi) continuing implementation of the strategy for a financial hub country (e.g., need of government supports for education of financial experts, including financial law professionals and the establishment of government-supported 'Financial Law Research Institute').