Can South Korea's Kim Open The Door Wide Enough?

Seoul's bid to join the OECD rankles local moneymen

For President Kim Young Sam, who wants South Korea to gain global recognition as a member of the world's industrial elite, the country's rigged capital and equity markets are an embarrassment. The archaic financial system is the chief obstacle to Korea's bid to become the first Asian Tiger to gain membership into the Paris-based Organization for Economic Cooperation & Development. The 27-member OECD will consider Seoul's application later this year. Much depends on Kim's ability to liberalize markets by then in the face of opposition from the financial Establishment.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.