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South Korea's Financial Structure

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South Korea's Financial Structure
South Korea has the same financial structure as other countries which consist of the ministry of finance, central bank and commercial banks and the general public. South Korea in recent decades has been one of the most dynamic economies in the world. Over the period from 1965 to 1990, the rate of growth per capita GNP (gross national product) was greater than that of any other country in the world. Now we need to look in more detail to examine into the financial system of South Korea and how it affects their economics. One of the institutions of their financial system is the Ministry of Strategy and Finance or MOSF. The current minister is Bahk Jaewan. The ministry's main goal is to manage the economic policy in a way that stabilizes the livelihood of citizens while doing it’s utmost for the stabilization of prices and creation of jobs and enhance the soundness of the economy and thoroughly prepare for any domestic or overseas turbulence. MOSF has enforcement functions as well. It oversees the National Tax Tribunal and the Financial Intelligence Unit.
The tasks of the Ministry of Strategy and Finance are: 1) Planning and coordination of the mid to long-term socio-economic development goals and setting economic policy direction on an annual basis. 2) Distributing resources effectively and assessing the effectiveness of budget execution. 3) Planning/reforming Korea's tax policy and system. 4) Planning and management of policies for the treasury, government properties, government accounting and the national debt. 5) Coordination of policies for foreign currency transactions and international finance. 6) Enhancement of international cooperation and promotion of inter-Korean economic exchanges and cooperation. 7) Management and monitoring of public institutions' operation.
The Ministry of Strategy and Finance (MOSF) carried out a bidding to compose of a syndicate group for 30-year KTB (Korea Treasury Bond) on Aug. 28 2012. According to the bidding result, the
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