Cooperation and coordination between the financial authorities: a review of the experiences of the United Kingdom, Norway, Sweden, and Korea

Abstract

As far as institutional collaboration between the financial authorities in pursuit of financial stability is concerned, Korea has remained seriously backward. Although the issue is widely regarded as important, scholars and policymakers in Korea have tended to stop short of putting microscopic lenses to it. Presented is a com- parative review of the experiences of the United Kingdom, Norway, and Sweden, all of which, like Korea, have adopted the regime of integrated financial supervision. The paper finds that in Norway and in Sweden institutional collaboration is more about substance and practice over form and procedure, whereas the opposite is true in the United Kingdom. Policy implications to Korea as well as a couple of tentative interpretations of these findings are discussed.