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Mass Attitudes Toward Financial Crisis and Economic Reform in Korea

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Author Info

  • Bernd Hayo

    (University of Essen)

  • Doh Shin

    (University of Missouri)

Abstract

This paper addresses an aspect of the financial crisis in South Korea that has not been dealt with in depth. The question that will be analyzed is: how does the general population perceive the crisis? In attempting to answer this question we rely on new representative survey data, covering the years 1998 and 1999. Specifically, respondents voice their opinion (a) regarding the causes of the crisis, (b) the potential agencies fostering a recovery, (c) the domestic versus international reform strategies involved, and (d) the government-or market-oriented reform programs involved. Given the importance of public support for economic reforms, some of the results of our research could prove to be of considerable value to Korean policy makers or advising international organizations.

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File URL: http://128.118.178.162/eps/dev/papers/0205/0205003.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Development and Comp Systems with number 0205003.

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Date of creation: 24 May 2002
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Handle: RePEc:wpa:wuwpdc:0205003

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Web page: http://128.118.178.162

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Keywords: South Korea; financial crisis; public opinion; economic reform strategies;

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References

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  1. Bernd Hayo & Doh Chull Shin, 2002. "Popular Reaction to the Intervention by the IMF in the Korean Economic Crisis," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 5(2), pages 89-100.
  2. Chang, Ha-Joon, 1998. "Korea: The misunderstood crisis," World Development, Elsevier, vol. 26(8), pages 1555-1561, August.
  3. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May.
  4. Stephan Haggard & Robert Kaufman, 1989. "The Politics of Stabilization and Structural Adjustment," NBER Chapters, in: Developing Country Debt and the World Economy, pages 263-274 National Bureau of Economic Research, Inc.
  5. John Williamson, 1994. "The Political Economy of Policy Reform," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 68.
  6. Dani Rodrik, 1996. "Understanding Economic Policy Reform," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 9-41, March.
  7. Stiglitz, Joseph E, 1999. "Responding to Economic Crises: Policy Alternatives for Equitable Recovery and Development," Manchester School, University of Manchester, vol. 67(5), pages 409-27, Special I.
  8. G�rard Roland, 2002. "The Political Economy of Transition," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 29-50, Winter.
  9. Steven Radelet & Jeffrey D. Sachs, 1998. "The East Asian Financial Crisis: Diagnosis, Remedies, Prospects," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 1-90.
  10. Morris Goldstein, 1998. "The Asian Financial Crisis," Policy Briefs PB98-1, Peterson Institute for International Economics.
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Cited by:
  1. Bernd Hayo & Hiroyuki Ono, 2009. "Livelihood and Care of the Elderly: Determinants of Public Attitudes in Japan," MAGKS Papers on Economics 200912, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  2. Ehrmann, Michael & Soudan, Michel & Stracca, Livio, 2012. "Explaining EU citizens’ trust in the ECB in normal and crisis times," Working Paper Series 1501, European Central Bank.
  3. Khilji, Bashir Ahmad & Farrukh, Muhammad Umer & Iqbal, Mammona & Hameed, Shahzad, 2010. "The Impact of Recent Financial Recession on the Banking sector of Pakistan," MPRA Paper 30558, University Library of Munich, Germany, revised 05 Jan 2011.
  4. Migheli, Matteo, 2009. "The two sides of a ghost: Twenty years without the wall," POLIS Working Papers 125, Institute of Public Policy and Public Choice - POLIS.

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