The Bellwether Series: South Korea

Registration and refreshments

Opening remarks

8.50am

Keynote opening: What next for South Korea? The perspective from the Financial Services Commission

An interview with the chairman of the Financial Services Commission on the steps being taken by regulators and the central bank to create a secure financial framework and the role Korea will play in a post-crisis global economy.

Chin Dong-soo, Chairman, Financial Services Commission
 
Chairperson: Charles Goddard, Editorial Director, Asia-Pacific, Economist Intelligence Unit 

Economist Intelligence Unit Briefing: South Korea and the global economy

By the end of 2008 the outlook for the South Korean economy was bleak and the Economist Intelligence Unit had predicted a deep recession. Early days it is, but major catastrophe seems to have been averted as the latest economic figures show a surprisingly strong rebound. The Economist Intelligence Unit presents its global forecast and the implications for the South Korean economy in the mid- to long- term.

• How sustainable is this growth?

• What role will the country play in a post-crisis global economy?

• New growth sectors and opportunities for business beyond the crisis

Ross O'Brien, Director, Hong Kong, Corporate Network, Economist Intelligence Unit 

 10.20am

 Coffee and tea break

Keynote address: Managing the crisis: evaluating the impact and lessons learnt 

The current chairman of the National Pension Service and former chairman of the Financial Services Commission discusses the policies undertaken by the Korean government in response to the financial crisis and the lessons learnt in the course of their implementation.
 
Jun Kwang-woo, Chairman and Chief Executive Officer, National Pension Service
 
Chairperson: Charles Goddard, Editorial Director, Asia-Pacific, Economist Intelligence Unit 

Financial regulation and risk management: challenges in a changing global environment

The financial crisis has prompted discussions around the world on strengthening financial regulations. Whilst many countries move to tighten regulation on banks and other financial organisations, Korea has reaffirmed its commitment to deregulation in order to promote growth. How can strong risk prevention and a solid framework of regulation be balanced with the benefits of innovation?

• Understanding the link between regulation and economic performance

• How will the proposed regulatory changes in Europe and the US impact financial institutions in Korea?

• What amount of freedom should be given to financial institutions to enable responsible innovation?

• What initiatives are currently being reviewed by the regulatory authorities in Korea?

Panelists:
Kim Kyung-soo, President, Institute for Monetary and Economic Research, Bank of Korea
Bernard van Bunnik, GE Leader, Hyundai Joint Ventures, Deputy Chief Executive Officer and Board
Member, Hyundai Card and Hyundai Capital
Tom Byrne, Senior Vice-president and Sovereign Regional Credit Officer for Asia and the Middle
East, Moody's 
 
Chairperson: Andrew Palmer, Finance Editor, The Economist

The future of global currencies and the outlook for the South Korean Won

The US dollar has played the role of the world’s leading reserve currency but some could argue that it has contributed to the global imbalances that we see today.

• What implications, both geopolitical and economic, will Korea face if a shift in the balance of power among major currencies continues?

• The US dollar – Yuan impact on the Won

• The outlook for the Won

Panelists:
Subir Lall, Division Chief, Asia-Pacific Department and Mission Chief for Korea, International
Monetary Fund
Hyun Oh-seok, President, Korea Development Institute

Shin Jang-sup, Professor, Department of Economics, National University of Singapore
 
Chairperson: Andrew Palmer, Finance Editor, The Economist

 1.00pm

 Lunch 

The great debate: Does financial innovation boost global growth?

The creation of financial innovations such as structured products and securitisation has largely been blamed for the financial crisis. As Korea moves towards a more innovation-friendly environment, what are the lessons to be learnt from the global regulatory debate?

• Should regulators clamp down on the creators of these products?

• Has the securities industry brought any benefit to the financial system?

• Should new financial innovation be about reducing complexity?

• If we limit the ability of financial institutions to innovate, are we restricting the opportunity for world growth?

Panelists:
Lee Jong-wha, Chief Economist, Asian Development Bank
Shin Sung-hwan, Professor, Hongik University
Kim Hyoung-tae, President, Korea Capital Market Institute
 
Chairperson: Andrew Palmer, Finance Editor, The Economist

Can South Korea become a leading international financial hub?

Significant steps have been taken by South Korea in the past several years to develop Seoul into the financial hub of Northeast Asia. Yet, many argue that more needs to be done before it can achieve its vision of becoming a regional financial centre.

• What is South Korea's competitive position with respect to its Asian and international competitors, and what are the market opportunities for Seoul to compete as a leading financial centre?

• Is it sufficiently integrated to become a financial hub? Why has it not already happened?

• What further regulatory changes are needed?

• South Korea has long traded on its strong ability to tap markets for scalable products and services and take them global. Can South Korea apply these skills and become a financial service platform for the international distribution of Islamic financial services?

Panelists:
Kim Kihwan, Chairman, Seoul Financial Forum 
Mumtaz Khan, Founder and Chief Executive Officer, Middle East & Asia Capital Partners 
Nicholas de Boursac, Chief Executive Officer and Managing Director, Asia Securities Industry and
Financial Markets Association

Chairperson: Charles Goddard, Editorial Director, Asia-Pacific, Economist Intelligence Unit 

 4.00pm

 Coffee and tea break  

The future financial services landscape in South Korea

This panel will discuss the opportunities and challenges that lie ahead for financial institutions in Korea, in particular banks, fund management and hedge funds.

• How has government involvement altered the banking industry?

• Can the Korean banking sector become a regional competitor?

• Has the recent crisis affected the appetite for hedge fund investment?

• Consolidation and M&A in the financial services sector

Panelists:
Lee Jae-sool, Chief Executive Officer and Country Managing Partner, Deloitte Korea
Euh Yoon-dae, Chairman and Chief Executive Officer, KB Financial Group
John Walker, Chairman, Macquarie Group of Companies, Korea
 
Chairperson: Andrew Palmer, Finance Editor, The Economist

Global Investment Opportunities

Looking forward, where are the growth areas within and outside South Korea? Leading investors will discuss the regions, markets and sectors of the future.

• Has the medium-term investment outlook for the US and EU structurally changed due to rising government debt levels and banking sector bad debts?

• Is developing Asia the most attractive regional market over the medium-term or are there asset market bubbles building?

• How attractive are Korean investment opportunities within this global landscape?

Panelists:
Tim Keaney, Co-Chief Executive Officer, Asset Servicing, Chief Global Client Management Officer,
BNY Mellon 
Scott Kalb, Chief Investment Officer, Korea Investment Corporation
Hon Cheung, Regional Director, Official Institutions Group, State Street Global Advisors
Jack Lin, Managing Director, Head of Asia Pacific, Janus Capital Asia 
 
Chairperson: Charles Goddard, Editorial Director, Asia-Pacific, Economist Intelligence Unit 

Concluding remarks

Charles Goddard, Editorial Director, Asia-Pacific, Economist Intelligence Unit 

등록, 다과

개막 연설

기조 연설: 대한민국의 미래는? 금융위원회의 견해

안전한 금융 프레임워크 창출을 위한 중앙은행과 규제기관의 대응과 위기 이후 한국의 역할에 대한 금융위원회 위원장과의 인터뷰

Economist Intelligence Unit 브리핑: 대한민국과 세계 경제

2008년 말 대한민국 경제의 미래는 암울하였으며 Economist Intelligence Unit(EIU) 는 깊은 경기 침체를 전망하였다. 좀 더 상황을 두고 보아야겠지만, 놀라울 정도로 강한 반등을 보여주는 최근 경제 지표들로 인해 주요 위기 상황은 끝난 것으로 보인다. 이에 EIU는 세계경제 전망을 제시하고 그 전망이 대한민국에 가지는 그 함의를 살펴 본다.

• 이런 성장세는 지속 가능한 것인가?

• 금융 위기 이후의 세계 경제에서 한국의 역할은 무엇인가?

• 위기 이후 새로운 성장 부문과 사업 기회

휴식

기조 연설: 위기 관리: 충격의 평가와 교훈 습득

국민연금공단 현 이사장과 전직 금융위원회 위원장이 정부의 금융위기 대응 정책을 짚어보고 그 집행 과정에서 습득한 교훈을 살펴본다.

리스크 매니지먼트— 규제당국, 중앙은행 및 금융기관 스스로의 역할

금융시장의 신뢰 회복을 위한 노력은 현재 진행 중이다. 신뢰할만한 혁신을 가능케 할 강력한 위기관리 능력과 견실한 규제 프레임워크의 창출이 새로운 금융 관리 체계의 핵심이 될 것이다. 그러면, 또 다른 위기의 근절을 위해 어떤 대책이 필요 할 것인가?

• 현재 규제 당국이 감안하고 있는 핵심 사항은 무엇인가?

• 금융 기관이 신뢰할만한 혁신을 가능케 하기 위해 부여 받아야 할 적절한 자율성이 정도는 어느 정도인가?

• 최근 도입되는 국제 금융 규제 프레임워크는 한국 금융 기관들에게 어떤 영향을 미치게 될 것인가?

국제 통화의 미래와 한국 원화 전망

미 달러화는 주요 국제준비통화의 역할을 수행하여 왔으나 한편으로 최근의 글로벌 불균형에 일조했다는 지적을 받고 있다.

• 주요 통화 간 역학 관계의 변화로 인한, 지정학적으로나 경제학적으로 한국이 당면하게 될 과제는 무엇인가?

• 미국 달러화와 중국 위안화가 한국 원화에 미치는 영향

• 한국 원화의 전망

오찬

기조 연설: G-20 정상회의와 그 이후

대 토론: 글로벌 성장을 가능케 할 금융 혁신

구조화된 상품과 유동화와 같은 혁신적 금융의 창출이 금융위기의 원인으로 지목되고 있는 가운데, 더욱 혁신 친화적인(innovation-friendly) 환경 조성을 지향하고 있는 한국은 최근 글로벌 규제 논의로부터 어떤 교훈을 배워야 하는가?

• 규제기관은 이런 혁신적 상품의 출현을 강력히 규제해야 하는가?

• 혁신적 금융 상품을 만들어내는 증권산업이 과연 전체 금융 시스템에 이익을 가져다 준 바는 없는 것인가?

• 새로운 금융 혁신은 복잡성 감소에 관한 것이야 하는가?

• 금융기관의 혁신 능력을 제한한다면 이는 또한 글로벌 성장의 기회를 제한하는 것은 아닌가?

대한민국은 주요 국제 금융허브가 될 수 있을 것인가?

지난 수년간 한국은 서울을 동북아시아의 금융허브로 키워내기 위한 다양한 노력을 경주하여 왔으나 여전히 서울이 지역 금융허브의 비전을 수행하기에 미흡한 점이 남아있다.

• 대한민국이 아시아 및 여타 국가 대비 경쟁력 있는 분야는 무엇이며 서울이 아시아 금융 허브로서 경쟁할 수 있게 하는 시장 기회는 무엇인가?

• 한국은 금융허브가 되기 위한 필요한 요소들을 다양하게 구비하고 있는가? 그렇지 않다면 왜 무엇이 부족한가?

• 부족한 점을 보충하기 위해 필요한 제도적인 보완은 무엇인가?

• 대한민국은 능수능란하게 상품과 서비스를 다루는 탁월한 장점을 통하여 여러 시장에 진출하고 글로벌하게 성장하여 왔다. 대한민국은 과연 이러한 능력을 금융 시장에도 적용하여 이슬람 금융 서비스의 국제 금융 기지가 될 수 있을 것인가?

휴식

대한민국의 미래 금융서비스 조망

한국의 특히 은행, 자산운용 및 헤지 펀드 등 금융 기관의 미래에 놓인 기회와 도전 과제에 대한 패널리스트들의 토론

• 정부의 개입은 은행 산업을 어떻게 바꾸어 왔는가?

• 한국의 은행은 아시아 시장에서 경쟁할 수 있을 것인가?

• 최근의 위기는 헤지 펀드 투자 수요에 어떤 영향을 미쳐왔는가?

• 금융 서비스 분야에서 M&A와 통합

글로벌 투자 기회

미래 지향적인 관점에서 한국의 내•외적으로 성장 가능한 분야는 어떤 분야인가? 대표적인 글로벌 투자자들이 지역과 시장 그리고 향후 유망 분야에 대해 토론한다.

• 점증하는 정부 부채와 은행권의 악성 채무로 인해 미국과 유럽의 중기 투자 전망은 구조적으로 변하고 있는가?

• 중기 투자 관점에서 발전하는 아시아 시장은 가장 유망한 지역인가 또는 이 지역에서 역시 자산 거품이 형성되고 있는가?

• 글로벌 시장 현황 내에서 한국은 얼마나 매력적인 투자처인가?

Charles Goddard,

Editorial Director, Asia-Pacific

Economist Intelligence Unit

Andrew Palmer,

Finance Editor, 

The Economist    

Chairman,

Financial Services  Commission 

Jun Kwang-woo,

Chairman and Chief Executive Officer,

National Pension Service

Dr Kim Kihwan,

Chairman,

Seoul Financial Forum 

Timothy Keaney,

Co-Chief Executive Officer, Asset Servicing, Chief Global Client Management Officer,

BNY Mellon

Euh Yoon-dae,

Chairman and Chief Executive Officer,

KB Financial Group 

Bernard van Bunnik,

GE Business Leader: Deputy CEO and Board Member

Hyundai Capital and HyundaiCard, GE Partner

Kim Kyung-soo,

President, Institute for Monetary and Economic Research,

Bank of Korea

Subir Lall,

Division Chief, Asia and Pacific Department and Mission Chief for Korea,

International Monetary Fund

Chief Executive Officer & Country Managing Partner,

Deloitte Korea

Nicholas de Boursac,

Chief Executive Officer & Managing Director,

Asia Securities Industry and Financial Markets Association

Dr Hyun Oh-seok,

President,

Korea Development Institute 

Mumtaz Khan,

Founder and Chief Executive Officer,

Middle East & Asia Capital Partners 

Tom Byrne,

Senior Vice President and Sovereign Regional Credit Officer for Asia and the Middle East,

Moody's 

Jong-Wha Lee,

Chief Economist,

Asian Development Bank and Korea University

Shin Jang-sup,

Professor, Department of Economics,

National University of Singapore 

Scott Kalb,

Chief Investment Officer,

Korea Investment Corporation 

John Walker,

Chairman,

Macquarie Group of Companies

Hyoung-Tae Kim,

President,

Korea Capital Market Institute

Hon Cheung,

Regional Director,

State Street Global Advisors

Dr Shin Sunghwan,

Professor of Finance,

Hongik University 

Jack Lin,

Managing Director, Head of Asia Pacific,

Janus Capital Asia