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The Change of the Financial System and Developmental State in Korea

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  • Kang-Kook Lee

Abstract

This study examines the role of institutions and their change related to the rapid economic development and the 1997 Korean financial crisis. In Korea, the government built a state- led financial system through the 1960s and 1970s and a specific government-bank-business relationship based on it. It promoted economic growth by allocating financial resources controlled by it to targeted industries or firms, with discipline over business achieved through these institutions. [Research in Progress 19]

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Bibliographic Info

Paper provided by eSocialSciences in its series Working Papers with number id:3307.

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Date of creation: Dec 2010
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Handle: RePEc:ess:wpaper:id:3307

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Keywords: institutions; rapid economic development; Korea; financial system; firms;

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  1. Samuels, Warren J, 1995. "The Present State of Institutional Economics," Cambridge Journal of Economics, Oxford University Press, vol. 19(4), pages 569-90, August.
  2. Stiglitz, Joseph E & Uy, Marilou, 1996. "Financial Markets, Public Policy, and the East Asian Miracle," World Bank Research Observer, World Bank Group, vol. 11(2), pages 249-76, August.
  3. Steven Radelet & Jeffrey Sachs, 1998. "The Onset of the East Asian Financial Crisis," NBER Working Papers 6680, National Bureau of Economic Research, Inc.
  4. Lee, Chung H., 1996. "Financial deregulation and integration in East Asia : edited by Takatoshi Ito and Anne O. Krueger, NBER-East Asia Seminar on Economics VoL 5, Chicago and London: National Bureau of Economic Research a," Journal of Asian Economics, Elsevier, vol. 7(4), pages 785-787.
  5. Dani Rodrik, 1997. "TFPG Controversies, Institutions, and Economic Performance in East Asia," NBER Working Papers 5914, National Bureau of Economic Research, Inc.
  6. North, Douglass C., 1989. "Institutions and economic growth: An historical introduction," World Development, Elsevier, vol. 17(9), pages 1319-1332, September.
  7. Akyuz, Yilmaz & Gore, Charles, 1996. "The investment-profits nexus in East Asian industrialization," World Development, Elsevier, vol. 24(3), pages 461-470, March.
  8. Lee, Jong-Wha, 1996. " Government Interventions and Productivity Growth," Journal of Economic Growth, Springer, vol. 1(3), pages 391-414, September.
  9. Susan M. Collins & Barry P. Bosworth, 1996. "Economic Growth in East Asia: Accumulation versus Assimilation," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(2), pages 135-204.
  10. Grabowski, Richard, 1988. "The theory of induced institutional innovation: a critique," World Development, Elsevier, vol. 16(3), pages 385-394, March.
  11. Takatoshi Ito & Anne O. Krueger, 1996. "Introduction to "Financial Deregulation and Integration in East Asia, NBER-EASE Volume 5"," NBER Chapters, in: Financial Deregulation and Integration in East Asia, NBER-EASE Volume 5, pages 1-5 National Bureau of Economic Research, Inc.
  12. Sang-Woo Nam, 1996. "The Principal Transactions Bank System in Korea and a Search for a New Bank-Business Relationship," NBER Chapters, in: Financial Deregulation and Integration in East Asia, NBER-EASE Volume 5, pages 277-306 National Bureau of Economic Research, Inc.
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