Chaebol, Financial Liberalization, and Economic Crisis: Transformation of Quasi-Internal Organization in Korea
AbstractThis paper argues that the Korean governmentÃs 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 KoreaÃs 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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Bibliographic InfoPaper provided by Institute of Economic Research, Seoul National University in its series Working Paper Series with number no31.
Date of creation: Mar 2000
Date of revision:
Other versions of this item:
- Chung H Lee & Keun Lee & Kangkoo Lee, 2000. "Chaebol, Financial Liberalization, and Economic Crisis: Transformation of Quasi-Internal Organization in Korea," Working Papers 200004, University of Hawaii at Manoa, Department of Economics.
- 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
This paper has been announced in the following NEP Reports:
- NEP-ALL-2000-04-17 (All new papers)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Chang, Ha-Joon, 1998. "Korea: The misunderstood crisis," World Development, Elsevier, vol. 26(8), pages 1555-1561, August.
- Thomas D. Willett & Nancy Neiman Auerbach, 2002. "The Political Economy of Perverse Financial Liberalization: Examples from the Asian Crisis," Claremont Colleges Working Papers 2002-26, Claremont Colleges.
- Tarun Khanna & Yishay Yafeh, 2007. "Business Groups in Emerging Markets: Paragons or Parasites?," Journal of Economic Literature, American Economic Association, vol. 45(2), pages 331-372, June.
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