1. Introduction -- 2. Pre-crisis financial system in Korea -- 3. The nature of the crisis and reform environment -- 4. The politics of reform in the transition period -- 5. Financial sector reform and the role of foreign capital -- 6. Conclusion

Focusing on corporate governance and financial resource allocation mechanisms, this paper uses path dependence and comparative institutional analyses to trace the evolution of Korea's development paradigm and to assess the extent of changes in the economy since the 1997 crisis. However, the...