Korean SMEs in the Wake of the Financial Crisis: Strategies, Constraints and Performance in a Global Economy
AbstractSouth Korea was one of the most adversely affected economies from the Asian financial and economic crisis of 1997. This paper focuses upon the contribution that the SME sector in this country is making towards the recovery of the economy, and, in particular, focuses upon their contribution in a knowledge-based society. In this paper we present an overview of the contribution and significance of SMEs to the economy. We follow this with a discussion of the impact of the Asian financial crisis on the SME sector. Next, we look at the involvement of SMEs in the global economy, focusing on the globalisation readiness of Korea's SMEs. Based on a recent study of nearly 1,800 SMEs in Korea, we look at the existing impediments in globalising operations, along with areas government should support in assisting SMEs to become globalisation ready. Finally, we present the prospects for Korea's SMEs in the 21st century and the emphasis on venture enterprises as a way to promote the technological competitiveness of SMEs.
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Bibliographic InfoPaper provided by School of Economics, University of Wollongong, NSW, Australia in its series Economics Working Papers with number wp02-12.
Length: 19 pages
Date of creation: 2002
Date of revision:
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Postal: School of Economics, University of Wollongong, Northfields Avenue, Wollongong NSW 2522 Australia
Phone: +612 4221-3659
Fax: +612 4221-3725
Web page: http://business.uow.edu.au/econ/index.html
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South Korea; Asian financial crisis; SME sector; economic recovery;
This paper has been announced in the following NEP Reports:
- NEP-ENT-2002-10-08 (Entrepreneurship)
- NEP-FIN-2002-10-18 (Finance)
- NEP-IFN-2002-10-18 (International Finance)
- NEP-SEA-2002-09-28 (South East Asia)
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