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Korean Institutional Reform in Comparative Perspective

Author

Listed:
  • Marcus Noland

    () (Peterson Institute for International Economics)

  • Erik Weeks

    () (Peterson Institute for International Economics)

Abstract

In recent years, academic economists have come to appreciate the centrality of public institutions in contributing to economic performance. Yet Korea, arguably the premier success story of the last half-century, has sometimes been described as a First World economy with Third World institutions. Although Korea modestly underachieves on most of the 52 institutional indicators examined in this paper, it is not an outlier, and on most indicators it is converging on global norms from below. The patterns on specific indicators suggest that global institutions play some role as an external policy anchor. The reason is straightforward: The existence of international norms gives policymakers a goal to aim for, and the existence of international institutions (and other avenues of international diplomatic pressure) helps in overcoming the historical weakness and parochialism of Korean public institutions.

Suggested Citation

  • Marcus Noland & Erik Weeks, 2008. "Korean Institutional Reform in Comparative Perspective," Working Paper Series WP08-5, Peterson Institute for International Economics.
  • Handle: RePEc:iie:wpaper:wp08-5
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    File URL: https://piie.com/publications/working-papers/korean-institutional-reform-comparative-perspective
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    References listed on IDEAS

    as
    1. Daron Acemoglu & Simon Johnson & James Robinson, 2004. "Institutions as the Fundamental Cause of Long-Run Growth," NBER Working Papers 10481, National Bureau of Economic Research, Inc.
    2. Edward L. Glaeser & Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 2004. "Do Institutions Cause Growth?," Journal of Economic Growth, Springer, vol. 9(3), pages 271-303, September.
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    More about this item

    Keywords

    Korea; institutions; growth;

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government

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