한국 금융감독의 실효성 제고

The purpose of this paper is to discuss the proper role of financial supervision in Korea and to explore ways to enhance its effectiveness. The paper first divides and distinguishes various sources of financial risks in Korea; i.e., internal vs external risks and systemic vs non-systemic risks. It also discusses how financial risks are distributed among and managed and traded by various parties including financial firms and consumers. This is to establish that risk mitigation shall be the primary function for the financial supervisory authorities in Korea. The paper then goes on to discuss three issues which are viewed to have direct bearings on making financial supervisory functions more effective. First, financial supervision should stay independent of the government as its influence on financial supervision as well as the financial sector is viewed to have been largely responsible for recent incidences and turmoils occurred in the Korean financial industries. Second, financial supervision should satisfy incentive-compatibility conditions which are necessary to overcome informational asymmetry problem between financial regulators/supervisors and financial firms. Third, macroprudential supervisory capabilities should be enhanced by way of legally setting up and activating a council dealing with fostering cooperation among financial supervisory authorities. The paper also discusses ways to strengthen consumer protection function in terms of both financial supervisory structure reforms and making more supervisory tools available.