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The Restructuring in the Post-Crisis Korean Economy

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  • Jai S. Mah

    (Dankook University)

Abstract

The current paper evaluates the restructuring measures implemented in the post-crisis Korean economy. Its policies taken after the economic crisis were quite successful in terms of economic recovery. The financial and corporate sector reforms undertaken by the Korean government contributed to strengthening the banking and corporate sectors, attracting FDI inflows. However, most indicators show worsening of income inequalities and workers. situation regarding job security. The strengths as well as the weaknesses of the development strategy of Korea and its reform measures undertaken since the occurrence of the economic crisis need to be differentiated.

Suggested Citation

  • Jai S. Mah, 2003. "The Restructuring in the Post-Crisis Korean Economy," Working papers 2003-46, University of Connecticut, Department of Economics.
  • Handle: RePEc:uct:uconnp:2003-46
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    File URL: http://web2.uconn.edu/economics/working/2003-46.pdf
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    References listed on IDEAS

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    1. Stiglitz, Joseph E., 2000. "Capital Market Liberalization, Economic Growth, and Instability," World Development, Elsevier, vol. 28(6), pages 1075-1086, June.
    2. Ferris, Stephen P. & Kim, Kenneth A. & Kitsabunnarat, Pattanaporn, 2003. "The costs (and benefits?) of diversified business groups: The case of Korean chaebols," Journal of Banking & Finance, Elsevier, vol. 27(2), pages 251-273, February.
    3. Nixson, Frederick I & Walters, Bernard, 1999. "The Asian Crisis: Causes and Consequences," Manchester School, University of Manchester, vol. 67(5), pages 496-523, Special I.
    4. Johnson, Chalmers, 1998. "Economic Crisis in East Asia: The Clash of Capitalisms," Cambridge Journal of Economics, Oxford University Press, vol. 22(6), pages 653-661, November.
    5. Chang, Ha-Joon & Park, Hong-Jae & Yoo, Chul Gyue, 1998. "Interpreting the Korean Crisis: Financial Liberalisation, Industrial Policy and Corporate Governance," Cambridge Journal of Economics, Oxford University Press, vol. 22(6), pages 735-746, November.
    6. James Crotty & Kang-Kook Lee, 2002. "A political-economic analysis of the failure of neo-liberal restructuring in post-crisis Korea," Cambridge Journal of Economics, Oxford University Press, vol. 26(5), pages 667-678, September.
    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 409-427, Special I.
    8. Jong-Il You, 1998. "Income distribution and growth in East Asia," Journal of Development Studies, Taylor & Francis Journals, vol. 34(6), pages 37-65.
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    More about this item

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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