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Chaebol, Financial Liberalization, and Economic Crisis: Transformation of Quasi-Internal Organization in Korea

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  • Chung H. Lee, Keun Lee and Kangkoo Lee
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Abstract

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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Bibliographic Info

Paper provided by Institute of Economic Research, Seoul National University in its series Working Paper Series with number no31.

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Date of creation: Mar 2000
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Handle: RePEc:snu:ioerwp:no31

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  1. Chang, Ha-Joon, 1998. "Korea: The misunderstood crisis," World Development, Elsevier, vol. 26(8), pages 1555-1561, August.
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Cited by:
  1. 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.

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