Author : Edward Montgomery Graham
Publisher : Peterson Institute for International Economics
Page : 228 pages
File Size : 24,78 MB
Release : 2003
Category : Business & Economics
ISBN :
In 1998, the Korean economy experienced the deepest recession since the Korean War. Within a year a number of smaller industrial conglomerates had failed. In this study, Graham examines the causes of this situation, tracing them back to the aggressive industrial policy begun by president Park Chung-hee during the late 1960s. He also analyzes reforms undertaken since 1997, concluding that they have not been entirely successful.
Author : Mr.Angel J. Ubide
Publisher : International Monetary Fund
Page : 67 pages
File Size : 33,51 MB
Release : 1999-03-01
Category : Business & Economics
ISBN : 1451844646
After years of strong performance, Korea’s economy entered a crisis in 1997, owing largely to structural problems in its financial and corporate sectors. These problems emerged in the second half of that year, when the capital inflows that had helped finance Korea’s growth were reversed, as foreign investors—reeling from losses in other Southeast Asian economies—decided to reduce their exposure to Korea. This paper focuses on the sources of the crisis that originated in the financial sector, the measures taken to deal with it, and the evolution of key banking and financial variables in its aftermath.
Author : Noland, Marcus
Publisher : Peterson Institute
Page : 462 pages
File Size : 36,94 MB
Release : 2000
Category :
ISBN : 9780881325935
Author : Stephan Haggard
Publisher : Cambridge University Press
Page : 374 pages
File Size : 31,51 MB
Release : 2003-02-26
Category : Business & Economics
ISBN : 9780521823630
Asian business conglomerates have clearly been successful agents of growth, mobilizing capital, borrowing technology from abroad and spearheading Asia's exports. However, these firms have long had a number of organisational and financial weaknesses, including heavy reliance on debt, that make them vulnerable to shocks. Nowhere was this more true than in Korea, where the large corporate groups known as chaebol have dominated the economic landscape. This collection of essays by leading political scientists and economists provides a comprehensive look at the chaebol problem in the wake of the Asian financial crisis. The authors consider the historical evolution of the chaebol and their contribution to the onset of economic turmoil in 1997. The book analyses the government's short-run response to corporate and financial distress, and outlines an agenda for longer-term reform of the financial system, corporate governance and the politics of business-government relations.
Author : Yves Tiberghien
Publisher : Cornell University Press
Page : 280 pages
File Size : 42,27 MB
Release : 2018-07-05
Category : Political Science
ISBN : 0801462444
In Entrepreneurial States, an innovative examination of the comparative politics of reform in stakeholder systems, Yves Tiberghien analyzes the modern partnership between the state and global capital in attaining structural domestic change. The emergence of a powerful global equity market has altered incentives for the state and presented political leaders with a "golden bargain"—the infusion of abundant and cheap capital into domestic stock markets in exchange for reform of corporate governance and other regulatory changes. Drawing on extensive archival research and interviews with policy and corporate elites in Europe and East Asia, Tiberghien asks why states such as Korea and France have embraced this opportunity and engaged in far-reaching reforms to make their companies more attractive to foreign capital, whereas Japan and Germany have moved forward much more grudgingly. Interest groups and electoral institutions have their impacts, but by tracing the unfolding dynamic of reform under different constraints, Tiberghien shows that the role of political entrepreneurs is critical. Such policy elites act as mediators between global forces and national constraints. As risk takers and bargain builders, Tiberghien finds, they use corporate reform to reshape their political parties and to stake out new policy ground. The degree of political autonomy available to them and the domestic organization of bureaucratic responsibility determine their ability to succeed.
Author : OECD
Publisher : OECD Publishing
Page : 160 pages
File Size : 47,96 MB
Release : 2018-06-20
Category :
ISBN : 9264300821
Economic growth picked up in 2017, but reforms are needed to sustain Korea's convergence toward the income levels in the most advanced countries. Its labour productivity is 46% below the top half of OECD countries, reflecting problems in the service sector. In addition, productivity in small ...
Author : Jagdish Bhagwati
Publisher : Oxford University Press
Page : 445 pages
File Size : 34,48 MB
Release : 2012-10-05
Category : Business & Economics
ISBN : 0199996229
Reforms and Economic Transformation in India is the second volume in the series Studies in Indian Economic Policies. The first volume, India's Reforms: How They Produced Inclusive Growth (OUP, 2012), systematically demonstrated that reforms-led growth in India led to reduced poverty among all social groups. They also led to shifts in attitudes whereby citizens overwhelmingly acknowledge the benefits that accelerated growth has brought them and as voters, they now reward the governments that deliver superior economic outcomes and punish those that fail to do so. This latest volume takes as its starting point the fact that while reforms have undoubtedly delivered in terms of poverty reduction and associated social objectives, the impact has not been as substantial as seen in other reform-oriented economies such as South Korea and Taiwan in the 1960s and 1970s, and more recently, in China. The overarching hypothesis of the volume is that the smaller reduction in poverty has been the result of slower transformation of the economy from a primarily agrarian to a modern, industrial one. Even as the GDP share of agriculture has seen rapid decline, its employment share has declined very gradually. More than half of the workforce in India still remains in agriculture. In addition, non-farm workers are overwhelmingly in the informal sector. Against this background, the nine original essays by eminent economists pursue three broad themes using firm level data in both industry and services. The papers in part I ask why the transformation in India has been slow in terms of the movement of workers out of agriculture, into industry and services, and from informal to formal employment. They address what India needs to do to speed up this transformation. They specifically show that severe labor-market distortions and policy bias against large firms has been a key factor behind the slow transformation. The papers in part II analyze the transformation that reforms have brought about within and across enterprises. For example, they investigate the impact of privatization on enterprise profitability. Part III addresses the manner in which the reforms have helped promote social transformation. Here the papers analyze the impact the reforms have had on the fortunes of the socially disadvantaged groups in terms of wage and education outcomes and as entrepreneurs.
Author : Mark Warschauer
Publisher : MIT Press
Page : 221 pages
File Size : 11,41 MB
Release : 2004-09-17
Category : Technology & Engineering
ISBN : 0262303698
Much of the discussion about new technologies and social equality has focused on the oversimplified notion of a "digital divide." Technology and Social Inclusion moves beyond the limited view of haves and have-nots to analyze the different forms of access to information and communication technologies. Drawing on theory from political science, economics, sociology, psychology, communications, education, and linguistics, the book examines the ways in which differing access to technology contributes to social and economic stratification or inclusion. The book takes a global perspective, presenting case studies from developed and developing countries, including Brazil, China, Egypt, India, and the United States. A central premise is that, in today's society, the ability to access, adapt, and create knowledge using information and communication technologies is critical to social inclusion. This focus on social inclusion shifts the discussion of the "digital divide" from gaps to be overcome by providing equipment to social development challenges to be addressed through the effective integration of technology into communities, institutions, and societies. What is most important is not so much the physical availability of computers and the Internet but rather people's ability to make use of those technologies to engage in meaningful social practices.
Author : Sea-Jin Chang
Publisher : Cambridge University Press
Page : 380 pages
File Size : 14,80 MB
Release : 2003-04-28
Category : Business & Economics
ISBN : 1139440071
Sea-Jin Chang argues that the Korean financial crisis of 1997 was due to the inertia of both the business groups known as chaebols and the Korean government which prevented adaptation to changing external environments. Once the Korean government stopped central economic planning and pursued economic liberalization in the 1980s, the transition created a void under which neither the government nor markets could monitor chaebols' investment activities. The intricate web of cross-shareholding, debt guarantees, and vertical integration resulted in extensive cross-subsidization and kept chaebols from shedding unprofitable businesses. The government's continued interventions in banks' lending practices created 'moral hazards' for both chaebols and banks. This treatment demonstrates how the structure of chaebols later inhibited other adaptations and for all practical purposes became nearly dysfunctional. The book argues that restructuring of chaebols should focus on improving corporate governance systems. After such restructuring, the author predicts, chaebols will re-emerge as stronger, more focused global players.
Author : Byung-Kook Kim
Publisher : Harvard University Press
Page : 753 pages
File Size : 40,50 MB
Release : 2011-04-01
Category : History
ISBN : 0674061063
In 1961 South Korea was mired in poverty. By 1979 it had a powerful industrial economy and a vibrant civil society in the making, which would lead to a democratic breakthrough eight years later. The transformation took place during the years of Park Chung Hee's presidency. Park seized power in a coup in 1961 and ruled as a virtual dictator until his assassination in October 1979. He is credited with modernizing South Korea, but at a huge political and social cost. South Korea's political landscape under Park defies easy categorization. The state was predatory yet technocratic, reform-minded yet quick to crack down on dissidents in the name of political order. The nation was balanced uneasily between opposition forces calling for democratic reforms and the Park government's obsession with economic growth. The chaebol (a powerful conglomerate of multinationals based in South Korea) received massive government support to pioneer new growth industries, even as a nationwide campaign of economic shock therapy-interest hikes, devaluation, and wage cuts-met strong public resistance and caused considerable hardship. This landmark volume examines South Korea's era of development as a study in the complex politics of modernization. Drawing on an extraordinary range of sources in both English and Korean, these essays recover and contextualize many of the ambiguities in South Korea's trajectory from poverty to a sustainable high rate of economic growth.
