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A report from the Korea Development Institute discusses the increasing importance of non-bank financial institutions (NBFI) in macroprudential management since the Global Financial Crisis of 2008-2009. The report analyzes the systemic risk of banks, securities firms, and insurance companies in South Korea during different crisis periods, finding that systemic risk increased across all three sectors during the Global Financial Crisis, the European Sovereign Debt Crisis, and the COVID-19 pandemic. The report also examines the impact of equity-linked securities (ELS) issuance on systemic risk, concluding that an increase in the outstanding balance of ELS issuance by financial institutions contributed to increasing systemic risk during the crisis periods. The findings highlight the need for enhanced monitoring and regulatory measures to address the growing importance of non-bank financial institutions in South Korea's macroprudential management and supervision. [Extracted from the article]