One of most notable reforms has been the adoption of the Real Name system in August 1993 which required the use of real names rather than the pseudonyms or borrowed names that had been used to hide the owner ship of wealth of several kinds of assets Other reforms were: (i) the interest rate deregulation in November 1993, (ii) the reduction of policy loans and the adjustment of a credit control system in March 1994, (iii) the deregulation of the management of financial institutions in May 1993, (iv) the restructuring of the government and financial industry in December 1994, and (v) capital and foreign exchange liberalization. The historical evidence showed that the reforms in Korea had difficulty in producing successful economic performance during the reform period.
These reforms should have been undertaken jointly with the voluntary participation of the people which was based on national consensus-building. However, this national consensus-building failed to be established. On the other hand, the government was not well prepared to undertake the reforms and also too hasty to join the OECD. Therefore, Korea had the painful experience of the financial crisis in 1997