Financial Liberalization And Economic Development In Korea 1980 2020

Author :
Publisher : BRILL
ISBN 13 : 1684176301
Total Pages : 336 pages
Book Rating : 4.04/5 ( download)

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Download or read book Financial Liberalization and Economic Development in Korea, 1980-2020 written by and published by BRILL. This book was released on 2022-03-07 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the early 1980s, Korea’s financial development has been a tale of liberalization and opening. After the 1997 financial crisis, great strides were made in building a market-oriented financial system through sweeping reforms for deregulation and the opening of financial markets. However, the new system failed to steer the country away from a credit card boom and bust in 2003, a liquidity crisis in 2008, and a run on its savings banks in 2011, and has been severely tested again by the ongoing COVID-19 pandemic crisis. Financial liberalization, clearly, has been no panacea. This study analyzes the deepening of and structural changes in Korea’s financial system since the early 1980s and presents the empirical results of the effects of financial development on economic growth, stability, and the distribution of income. It finds that, contrary to conventional wisdom, financial liberalization has contributed little to fostering the growth and stability of the Korean economy and has exacerbated income distribution problems. Are there any merits in financial liberalization? The authors answer this query through empirical examinations of the theories of finance and growth. They point to a clear need to further improve the efficiency, soundness, and stability of Korean financial institutions and markets.

Author : Yung Chul Park
Publisher : Harvard University Press
ISBN 13 : 9780674251281
Total Pages : 375 pages
Book Rating : 4.88/5 ( download)

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Download or read book Financial Liberalization and Economic Development in Korea, 1980-2020 written by Yung Chul Park and published by Harvard University Press. This book was released on 2021-03-30 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: Korea's financial development has been a tale of liberalization and opening but the new system has failed to steer the country away from financial crises. This study analyzes the changes in the financial system and finds that financial liberalization has contributed little to grow and stabilize the Korean economy.

Author : Yŏng-chʻŏl Pak
Publisher : 대외경제정책연구원
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.19/5 ( download)

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Download or read book Finance and Economic Development in Korea written by Yŏng-chʻŏl Pak and published by 대외경제정책연구원. This book was released on 2004 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Hugh T. Patrick
Publisher : Oxford University Press, USA
ISBN 13 : 0195087666
Total Pages : 401 pages
Book Rating : 4.66/5 ( download)

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Download or read book The Financial Development of Japan, Korea, and Taiwan written by Hugh T. Patrick and published by Oxford University Press, USA. This book was released on 1994 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: The analysis shows how financial development has occurred in two distinct phases. Initially, interest rates were regulated to remain below market levels, entry of new financial institutions was restricted, financial markets were segmented, and domestic finance was insulated from world financial markets. The second phase has seen a steady, if sometimes slow, removal of these restrictions.

Author : Ismail Dalla
Publisher : World Bank Publications
ISBN 13 : 9780821333563
Total Pages : 44 pages
Book Rating : 4.69/5 ( download)

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Download or read book Regulated Deregulation of the Financial System in Korea written by Ismail Dalla and published by World Bank Publications. This book was released on 1995-01-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: World Bank Discussion Paper No. 292. Examines the anatomy of the Republic of Korea's financial reform policy since 1979 in order to place the nation's financial reform plan of 1993 in a proper context. Financial deregulation in the Republic of Korea, initiated in 1979, coincided with similar programs in South America and East Asia. The reforms were successful in spite of a mild form of financial repression and a deregulation policy that ran an erratic course. The republic moved decisively in 1993 toward a conventional type of financial liberalization by announcing a blueprint of reforms to be implemented over a five-year period ending in 1997. This paper examines the anatomy of the Korean financial reform policy since 1979 in order to place its financial reform plan of 1993 in the proper context. The report presents a conceptual framework of the Korean financial system and policies, examines interest rate reforms on various levels, and discusses changes in the credit allocation system that were undertaken in earlier phases of the reforms. The book goes on to review the rationale of the final financial reform phase, the sequencing of its various elements, and the assessment. Broad conclusions are presented.

Author : Tat Yan Kong
Publisher : Routledge
ISBN 13 : 1136183981
Total Pages : 297 pages
Book Rating : 4.80/5 ( download)

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Download or read book The Politics of Economic Reform in South Korea written by Tat Yan Kong and published by Routledge. This book was released on 2013-10-11 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the most comprehensive texts on the political economy of Korea available Up-to-date - goes up to 1999

Author : Dang Thanh Ngo
Publisher : GRIN Verlag
ISBN 13 : 365611434X
Total Pages : 101 pages
Book Rating : 4.45/5 ( download)

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Download or read book Korea's Experiences in Reforming the Financial Sector Toward a Marked-Based System and Lessons for Vietnam written by Dang Thanh Ngo and published by GRIN Verlag. This book was released on 2012 with total page 101 pages. Available in PDF, EPUB and Kindle. Book excerpt: Masterarbeit aus dem Jahr 2007 im Fachbereich VWL - Konjunktur und Wachstum, Sprache: Deutsch, Abstract: Basically, the Korea's financial sector has gone through three development period under two different types of financial systems. During these three periods, in theory, two financial systems were applied into the Korea's financial sector: the relationship-based (or state-led) system (from 1960s to late 1980s) and the market-based system (after late 1980s till now). But in fact, due to the differences in applying the market style into Korea, we can see in the second system's time, there was obviously two periods, the period of 'gradualism' and the period of 'Big Bang' with the turning point is in 1997. Therefore, it is better to define the history of Korea's financial development into three periods. The first period started from early 1960s (after the military coup which brought Park Chung Hee to the position of President) to the late 1980s, in which Korea's economy was under the relationship-based system; the second period lasted from late 1980s to 1997 when the financial crisis occurred due to wrong policies under 'gradualism' and bad effects of the first period; and the last period started from 1997 up to now when Korea take 'Big Bang' approach to cure its illness after the failure in 1997. Researching the evolution of Korea's financial system during the three periods as a whole process is important to collect experiences for under-developing country such as Vietnam to improve its financial system. Even though the conditions of Vietnam and Korea are different, but still, the logic behind each policy that the Korean government used in the past will be a big help to Vietnam as well as finding out the reasons of the failures that Korea did not avoid.

Author : Chongwoo Choe
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.40/5 ( download)

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Download or read book Financial System and Economic Growth written by Chongwoo Choe and published by . This book was released on 1996 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : O. Yul Kwon
Publisher : Edward Elgar Publishing
ISBN 13 : 9781782543732
Total Pages : 344 pages
Book Rating : 4.32/5 ( download)

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Download or read book Korea's Economic Prospects written by O. Yul Kwon and published by Edward Elgar Publishing. This book was released on 2001-01-01 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: '. . . very well presented academic book. . . in Korea's Economic Prospects a valuable source of research material on the economy and its prospects. It will help one to understand the factors leading to the Korean recovery which has recently been recognised by the credit rating agency. . .' - Marie-Aimée Tourres, The Journal of Development Studies This book examines the major issues arising from the Korean financial crisis of 1997. It considers the strong prospects for rapid economic recovery and the emerging changes in Korea's international economic relations and business environment. The authors investigate the causes of the financial crisis and provide an evaluation of remedial measures and reforms currently being introduced in both private and public sectors of the Korean economy. The book identifies a paradigm shift in Korean economic policy and discusses Korea's new role in both the regional and global economy. It also examines the major developments reshaping Korea's international business environment through fundamental policy shifts in trade, foreign direct investment, labor relations, management practices and the emerging trends in e-commerce.

Author : Elizabeth Thurbon
Publisher : Cornell University Press
ISBN 13 : 1501704176
Total Pages : 236 pages
Book Rating : 4.78/5 ( download)

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Download or read book Developmental Mindset written by Elizabeth Thurbon and published by Cornell University Press. This book was released on 2016-03-31 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Asian financial crisis of 1997–1998 was supposed to be the death knell for the developmental state. The International Monetary Fund supplied emergency funds for shattered economies but demanded that states liberalize financial markets and withdraw from direct involvement in the economy. Financial liberalization was meant to spell the end of strategic industry policy and the state-directed "policy lending" it involved. Yet, largely unremarked by analysts, South Korea has since seen a striking revival of financial activism. Policy lending by state-owned development banks has returned the state to the core of the financial system. Korean development banks now account for one quarter of all loans and take the lead in providing low-cost finance to local manufacturing firms in strategic industries. Elizabeth Thurbon argues that an ideational analysis can help explain this renewed financial activism. She demonstrates the presence of a "developmental mindset" on the part of political leaders and policy elites in Korea. This mindset involves shared ways of thinking about the purpose of finance and its relationship to the productive economy. The developmental mindset has a long history in Korea but is subject to the vicissitudes of political and economic circumstances. Thurbon traces the structural, institutional, political, and ideational factors that have strengthened and at times weakened the developmental consensus, culminating in the revival of financial activism in Korea. In doing so, Thurbon offers a novel defense of the developmental state idea and a new framework for investigating the emergence and evolution of developmental states. She also canvasses the implications of the Korean experience for wider debates concerning the future of financial activism in an era of financialization, energy insecurity, and climate change.