Download e-book for kindle: A New Paradigm For Korea's Economic Development: From by Sung-Hee Jwa

By Sung-Hee Jwa

ISBN-10: 0333760638

ISBN-13: 9780333760635

Sung-Hee Jwa bargains analyses of a variety of prior 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 monetary destiny relies completely upon the profitable integration of market-oriented structures.

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Additional resources for A New Paradigm For Korea's Economic Development: From Government Control to Market Economy (Studies in the Korean Economy)

Example text

As a result, through over-expansion as well as the given Korean financial structure, chaebols end up with a high debt/equity ratio. 1 shows the debt/equity ratio trend of the big business groups. From the early 1980s, the anti-monopolist policy began to focus its attention on regulating economic concentration. 1 1996 1997 1998 Year manufacturing companies Debt/equity ratio of the 30 largest business groups Sources: Bank of Korea and Fair Trade Commission of Korea. Monopoly and Fair Trade Act (‘The Fair Trade Act’ hereafter) was enacted in 1980.

From 1979, the government switched the focus of economic policy to the stabilization of the economy and the scalingdown of investment in HCIs. In 1979, the government set the M2 growth rate at 25 per cent, 10 per cent lower than the 1978 rate. It also diverted financial support toward the expansion of consumer goods industries, which led to a reduction of investments in HCIs. Throughout the 1980s, the government reorganized the HCIs to raise their competitiveness through the creation of economies of scale and to reduce the social costs associated with massive corporate bankruptcies.

Very little attention has been paid to the possible side-effects of emphasizing the active role of government in resource mobilization. The mobilization drive has tended to create a detrimental environment for macroeconomic management. In general, once priority is given to domestic resource mobilization, monetary and fiscal policies will also tend to be ‘mobilized’ as the instrument to support economic development, thereby making the role of macroeconomic stabilization inoperative. Low interest rates, base money creation, and tax-and-expenditure instruments all tend to be utilized to support policy loans for important industries.

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A New Paradigm For Korea's Economic Development: From Government Control to Market Economy (Studies in the Korean Economy) by Sung-Hee Jwa


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