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The Change of the Financial System and Developmental State in Korea

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  • Kang-Kook Lee

Abstract

This study examines the role of institutions and their change related to the rapid economic development and the 1997 Korean financial crisis. In Korea, the government built a state- led financial system through the 1960s and 1970s and a specific government-bank-business relationship based on it. It promoted economic growth by allocating financial resources controlled by it to targeted industries or firms, with discipline over business achieved through these institutions. [Research in Progress 19]

Suggested Citation

  • Kang-Kook Lee, 2010. "The Change of the Financial System and Developmental State in Korea," Working Papers id:3307, eSocialSciences.
  • Handle: RePEc:ess:wpaper:id:3307
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    References listed on IDEAS

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    3. Takatoshi Ito & Anne O. Krueger, 1996. "Introduction to "Financial Deregulation and Integration in East Asia, NBER-EASE Volume 5"," NBER Chapters,in: Financial Deregulation and Integration in East Asia, NBER-EASE Volume 5, pages 1-5 National Bureau of Economic Research, Inc.
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    6. Samuels, Warren J, 1995. "The Present State of Institutional Economics," Cambridge Journal of Economics, Oxford University Press, vol. 19(4), pages 569-590, August.
    7. Won-Am Park, 1996. "Financial Liberalization: The Korean Experience," NBER Chapters,in: Financial Deregulation and Integration in East Asia, NBER-EASE Volume 5, pages 247-276 National Bureau of Economic Research, Inc.
    8. Killick, Tony, 1995. "Flexibility and economic progress," World Development, Elsevier, vol. 23(5), pages 721-734, May.
    9. Takatoshi Ito & Anne O. Krueger, 1996. "Financial Deregulation and Integration in East Asia, NBER-EASE Volume 5," NBER Books, National Bureau of Economic Research, Inc, number ito_96-1.
    10. Susan M. Collins & Barry P. Bosworth, 1996. "Economic Growth in East Asia: Accumulation versus Assimilation," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(2), pages 135-204.
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    12. Ito, Takatoshi & Krueger, Anne O. (ed.), 1996. "Financial Deregulation and Integration in East Asia," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226386713, December.
    13. North, Douglass C., 1989. "Institutions and economic growth: An historical introduction," World Development, Elsevier, vol. 17(9), pages 1319-1332, September.
    14. Sang-Woo Nam, 1996. "The Principal Transactions Bank System in Korea and a Search for a New Bank-Business Relationship," NBER Chapters,in: Financial Deregulation and Integration in East Asia, NBER-EASE Volume 5, pages 277-306 National Bureau of Economic Research, Inc.
    15. Grabowski, Richard, 1988. "The theory of induced institutional innovation: a critique," World Development, Elsevier, vol. 16(3), pages 385-394, March.
    16. Steven Radelet & Jeffrey Sachs, 1998. "The Onset of the East Asian Financial Crisis," NBER Working Papers 6680, National Bureau of Economic Research, Inc.
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    Keywords

    institutions; rapid economic development; Korea; financial system; firms;

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