Research Staff

Research Staff

Lee, Inhyung Senior Research Fellow Capital Markets


BA in International Economics, Seoul National University, 1986
MA in Economics, Brown University, 1988
Ph.D in Economics, Brown University, 1992
Professional Experience
Full time lecturer, College of Business Administration, University of Suwon, (1992~1995)
Director of Research, Financial Markets, LG Economic Research Institute, (1995~1998)
Associate Professor, College of Business Administration, University of Suwon,



IFRS Sustainability Disclosure Standards and their Implications / Dec. 07, 2021
The International Financial Reporting Standards (IFRS) Foundation plans to establish a global baseline for sustainability information disclosures through the International Sustainability Standards Board (ISSB) that was launched on November 3, 2021. What is noteworthy is that the global baseline serves as a sustainability-related financial disclosure, which would be differentiated from the current sustainability reporting framework centered on a wide range of stakeholders. Having adopted the prototype of the Task Force on Climate-Related Financial Disclosures (TCFD), the IFRS Sustainability Disclosure Standards require entities to disclose material information of sustainability-related risks and opportunities in terms of corporate governance, strategies, risk management, and targets. Related international discussions indicate that the IFRS Foundation is highly likely to develop the global baseline. Under the circumstances, Korea should prioritize systematically linking its sustainability disclosure framework with the international standards to be established, rather than setting up its standards for disclosure standardization.
Directions for Improvement in ESG Rating Schemes / Jun. 01, 2021
ESG ratings centering on non-financial data such as environmental, social, and governance factors are differentiated from credit ratings based on standardized corporate disclosure and accounting information under the global accounting standards. ESG ratings need improving in terms of transparency in methodology and consistency across raters because there is not a single set of standards on how to classify and measure corporate sustainability and report it to stakeholders. Under the rapid flow of investments pursuing ESG factors, the absence of standards could give rise to a distortion in asset allocation, and mis-selling issues. This is why financial authorities in developed nations have been seeking for improvement in this area. For example, global discussions mainly led by the EU include: establishing Sustainability disclosure standards in the ongoing non-financial disclosure directive revision; mandating financial institutions to disclose sustainability risks; and formulating a regulatory framework on ESG rating providers. It is worth referring to those discussions from the perspective of international compatibility when Korea seeks to improve its domestic ESG rating scheme.
KONEX Market Status and Supplementary Measures / Dec. 10, 2013
Over half a year has passed since KONEX was introduced to support direct financing of growth-stage SMEs and venture firms. Whether KONEX will succeed receives lots of attention because this is an experimental market that requires nominated advisors and qualified investors. But it is too early to make any judgments. What is clear for now is that regulators should act quickly to devise supplementary measures and secure interests from issuers as well as investors in order to ensure the success of KONEX.
Preconditions for the Introduction of ATS / Apr. 30, 2013
If the revision of the Financial Investment Services and Capital Markets Act (FSCMA) goes into effect, Korea’s stock exchange market, which is currently dominated by a single exchange, will fragment into multiple exchanges, thus triggering competition. The revised bill allows for the establishment of ATS, a trading venue without the listing function. The primary purpose of the revision is to facilitate competition for the sake of greater efficiency of market infrastructure. Thus, follow-up measures should be taken to promote efficiency in competition, as well as to ensure that all orders are equally protected.

Seminar Presentation