Korean Institutional Reform in Comparative Perspective
AbstractIn recent years, academic economists have come to appreciate the centrality of public institutions in contributing to economic performance. Yet Korea, arguably the premier success story of the last half-century, has sometimes been described as a First World economy with Third World institutions. Although Korea modestly underachieves on most of the 52 institutional indicators examined in this paper, it is not an outlier, and on most indicators it is converging on global norms from below. The patterns on specific indicators suggest that global institutions play some role as an external policy anchor. The reason is straightforward: The existence of international norms gives policymakers a goal to aim for, and the existence of international institutions (and other avenues of international diplomatic pressure) helps in overcoming the historical weakness and parochialism of Korean public institutions.
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Bibliographic InfoPaper provided by Peterson Institute for International Economics in its series Working Paper Series with number WP08-5.
Date of creation: Jun 2008
Date of revision:
Korea; institutions; growth;
Find related papers by JEL classification:
- O1 - Economic Development, Technological Change, and Growth - - Economic Development
- O43 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
- H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-06-21 (All new papers)
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