The 1998 governance reform democratized the management of National Pension Fund (NPF) by filling majority of seats in the Management Committee with non-government civilians representing pension policyholders. The reform also abolished the practice of NPF surrendering pension surplus into the...

There are two unique approaches or policy stances Korean government took in regards to the capital market. First, the Korean government was actively involved in promoting the capital market. The government, for example, gave tax incentives to encourage IPOs. It sometimes threatened to publicly...