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investigate and analyse the financial system of South Korea, Its level of development,The efficiency of its financial markets,an - Essay Example
Finance & Accounting
Pages 4 (1004 words)
Financial systems of South Korea Name Institution Date Financial Systems of South Korea In 1961, the president of South Korea, Park Chung Hee, took control of the country’s economy by centralizing all the power and making all the banking and other financial institutions to be directly under the government…
South Korea established a central bank in 1950 that was given the mandate of regulating all the other banks in the country, printing and circulation of the currency in South Korea as well as making laws and regulations that would govern other financial institutions in the country. The minor banks in South Korea had a function of extending credit services to businesses and other medium and long term investment projects (pg 48). Today, the financial system of South Korea has grown and continues to improve remarkably over the years. South Korea is located in the north-eastern Asia and it is bordered by the Yellow sea to the west and Democratic Republic of Korea to the north. South Korea has four distinct seasons and in 2011, the population was estimated to be 48.75 million people with the annual growth rate in population estimated to be 0.23%. South Korea is characterized by low birth rate and high life expectancy at an average of 82 years for women and 75 years for men but the literacy levels are high with compulsory schooling for the first 9 years. This has greatly been affecting the economy of South Korea because most of the population is made up of the old people. The major religions in South Korea are Christianity, Buddhhism, Shamanism, Confucianism and Chondogyo. Politically, South Korea has a well organized government by the president, the parliament and the judiciary. ...
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