Download A New Paradigm For Korea's Economic Development: From by Sung-Hee Jwa PDF

By Sung-Hee Jwa

Sung-Hee Jwa deals analyses of a variety of prior and present reform efforts in Korea. The coverage classes are designed to appreciate Korea's transformation from the government-led improvement version to a marketplace procedure. Jwa argues that Korea's fiscal destiny relies fullyyt upon the profitable integration of market-oriented structures.

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Extra info for A New Paradigm For Korea's Economic Development: From Government Control to Market Economy (Studies in the Korean Economy)

Example text

So the chaebols satisfied the banks with cross-payment guarantees among their subsidiaries, which allowed them to obtain as much as needed for expansion. All of these factors not only made regulating the chaebol ineffective but also created inconsistency of government policies towards the chaebols and possibly even led to the erosion of their competitiveness. Legacies of interventionist industrial policies The government-led interventionist industrial policy strategy generated various structural problems.

Korea’s experiences suggest that active and protracted governmental intervention in properly allocating resources might achieve some short-term goals, but only at the expense of some long-lasting adverse side-effects. For example, the distorted relative price system and incentive structure resulting from such interventionist policies has meant that the private sector has been reluctant to economize. After the government utilized them as credit distribution stations for over three decades, Korean banks paid more attention to the volume of deposits than to their overall profitability.

Banks and other financial institutions became used to governmental guidance and coordination. The interest rates on loans for the chaebols were lower than market rates because of governmental intervention. They hardly needed and so lacked the requisite ability to conduct credit and project analyses. 1 Source: Hwang (2000). Korea's Economic Development, Sung-Hee Jwa Korea over the Past Thirty Years 31 reduce risks. So the chaebols satisfied the banks with cross-payment guarantees among their subsidiaries, which allowed them to obtain as much as needed for expansion.

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