This paper argues that the Korean governmentís policy with regard to financial deregulation and liberalization was endogenously determined, being largely influenced by the interest politics of perhaps the most powerful interest group in Korea, chaebol. It also argues that the cause of Koreaís financial crisis of 1997-98 cannot be analyzed without first examining the influence of chaebol on the post-1993 financial liberalization, which planted the seeds of the crisis. The paper concludes that financial liberalization undertaken in a haphazard manner, manipulated by a few dominant players in the economy runs into the danger of producing an outcome worse than before.
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Paper provided by University of Hawaii at Manoa, Department of Economics in its series Working Papers with number
200004.
Find related papers by JEL classification: G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
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