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South Korea’s Experience with Structural Reform: Lessons for Other Countries

허욱|Jung-Yeop Woo
한국사회과학협의회 (Korean Social Science Research Council)|2006.06|Korean Social Science Journal|제33권 제1호|pp. 1-24

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Abstract

Despite phenomenal growth through the mid 1990s, the1997 foreign exchange crisis led to the collapse of the South Korean economy, which resulted in an In ternational Monetary Fund (IMF) bailout. Since then, South Korea has gone through various reform processes. In this paper, we revisit pre- and post-crisis reform efforts in South Korea to draw lessons for other countries. Lessons drawn from the reform processes in the financial, labor, and corporate sectors in South Korea before and after the crisis are two fold. First, economic policy decisions must be made in accordance with economic interests and needs. Second, the government must have a long-term vision and an appropriate policy blueprint while economic restructuring is being implemented. Otherwise, long-term economic consequences may be greater than the short-term costs accompanied by reform policies.

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관련 논문AI추천

An Assessment of Structural Reforms in Korea: Implications for Economic Revival in Japan박종규, 조윤제경제연구소 · Seoul Journal of Economics2003 · 제16권 제2호Evaluating the Post-Crisis Corporate Restructuring in KoreaHa-JoonChang, Jang-SupShin경제연구소 · Seoul Journal of Economics2002 · 제15권 제2호Was Korea’s Economy Structurally Dysfunctional in the Mid-1990s?James Crotty, Kang-Kook Lee(이강국)한국사회경제학회 · 사회경제평론2007 · 제29-1호Financial Reform in Korea: Unfinished AgendaJae-Jung Kwon경제연구소 · Seoul Journal of Economics2004 · 제17권 제3호Reflections on Fiscal Policy Reactions to the Korean Economic Crisis박종규한국학중앙연구원 · Korea Journal2002 · 제42권 제1호Productivity and Patterns of Trade: The Experience of Korea in the 1990s차문중한국개발연구원 · KDI Journal of Economic Policy2004 · 제26권 제2호

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