[New Release] Asking the Path of South Korea's Finance

"Finance is important for both individuals and the national economy. The rise and fall of companies and industries depend on where the flow of money is directed... Overcoming market imperfections and allowing finance to fulfill its fundamental functions are essential for money to flow into productive areas."

Yoon Jong-won, former president of IBK Industrial Bank of Korea, has published a book titled . As suggested by the subtitle, "You cannot see the future with the eyes of the past," the book points out the problems of Korea's financial system and proposes solutions for the future. It contains his experiences contemplating the macro role of finance as an economic bureaucrat and solving on-site issues as the head of a policy bank at the financial frontline.

He particularly argues that the financial industry, which is facing a turning point with the blurring boundaries between financial and non-financial sectors and intensified competition due to digitalization, must break away from past credit practices and risk-averse support methods. The book explores the role of finance in correcting inherent market failures and transforming the world with a future-oriented approach. It also emphasizes the need to promote the commercialization of new technologies and ideas, foster corporate innovation, improve financial accessibility, and enhance economic sustainability.

Former Financial Services Commission Chairman Shin Je-yoon wrote in the recommendation, "There is no one who has experienced both policy and field in the financial sector as extensively as the author. This book is not self-praise but a sincere self-confession. The author, well-versed in financial policy, vividly depicts the process of applying theory to reality while serving as the head of a policy bank. Through various cases, it draws implications and presents the path for future innovative finance."

The author was born in Miryang, Gyeongnam, graduated from Seoul Inchang High School and Seoul National University with a degree in economics. He worked at the Ministry of Finance and Economy, received a World Bank (WB) scholarship, and earned a Ph.D. in economics from UCLA in the United States. He has served as Director-General of Economic Policy at the Ministry of Strategy and Finance, Executive Director of the International Monetary Fund (IMF), Ambassador to the Organisation for Economic Co-operation and Development (OECD), Senior Secretary for Economic Affairs to the President, and President of IBK Industrial Bank of Korea.