By Sung-Hee Jwa
Sung-Hee Jwa bargains analyses of a variety of previous and present reform efforts in Korea. The coverage classes are designed to appreciate Korea's transformation from the government-led improvement version to a marketplace approach. Jwa argues that Korea's financial destiny relies totally upon the profitable integration of market-oriented structures.
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Extra resources for A New Paradigm For Korea's Economic Development: From Government Control to Market Economy (Studies in the Korean Economy)
In addition, since the government helped the large enterprises, especially the chaebols, to survive financial difficulties by showering them with preferential measures, the ‘too big to fail’ legacy emerged and moral hazard ensued. Lastly, in a political economic sense, the government’s ability to select and support strategic industries and to enforce restructuring programs generated room for rent-seeking. The corporations lobbied government officials, which raised suspicions of corruption. It also contributed to spreading anti-chaebol sentiment.
A key factor was the inept handling of foreign exchange policies in the period immediately preceding the crisis. Under the situation faced by the Korean economy, nothing short of a complete removal of the exchange rate band sometime in early Korea's Economic Development, Sung-Hee Jwa 16 A New Paradigm for Korea’s Economic Development 1997 could have made a difference to the final outcome. The obvious implication of this conclusion is that there is a critical need to implement structural reforms in order for such a crisis to be avoided in the future.
Low interest rates, base money creation, and tax-and-expenditure instruments all tend to be utilized to support policy loans for important industries. The search for the best methods of mobilizing available resources to support economic development becomes the dominant concern to the detriment of macroeconomic stability. Broadly speaking, the Korean government has actively participated in resource mobilization, even though the degree of participation has fluctuated during the development period according to the situation faced by the country.
A New Paradigm For Korea's Economic Development: From Government Control to Market Economy (Studies in the Korean Economy) by Sung-Hee Jwa