The Transition to Export-Led Growth in Korea, 1954-1966 (original) (raw)
Market Structure, Entry, and Performance in Korea
The Review of Economics and Statistics, 1990
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The Rise and Fall of Korea’s Economic Development
Springer eBooks, 2017
The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use.
SSRN Electronic Journal, 2021
In 1960, South Korea's exports were about 1 percent of GDP, and the country's ability to import depended almost entirely on US aid. After changing its foreign exchange and trade policies in the mid-1960s, Korea saw a surge in exports to more than 10 percent of GDP by the end of the decade. What factors account for the shift in policy that enabled this dramatic export growth to occur? The United States helped initiate the process by withholding financial assistance, pressuring Korea to devalue its currency and reform its foreign exchange regime. Initially, the Korean government resisted taking these steps, but in 1964 it became firmly committed to an export promotion strategy to boost foreign exchange earnings and end its dependence on American aid.
colonialism and the korea problem
JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org.
Export-led industrialisation and growth: Korea's economic miracle, 1962-1989
Australian Economic History Review, 2003
The period 1962-89 witnessed a remarkable transformation of the South Korean economy, from being poverty ridden to the attainment of the status of newly industrialised nation. This transformation was achieved through the adoption of an outward oriented industry led strategy, based, particularly during the period of the 1970s, upon the development of large-scale industrial conglomerates and the attainment of economies of scale and technology to achieve international competitiveness. By the early 1980s this strategy had resulted in major structural imbalances, a weakened financial section, heavy concentration in domestic markets, and a repressed development of small and medium enterprises. By the end of the 1980s, despite attempts at economic reform during this decade, the structural and financial problems remained which were to prove the country's undoing during the financial and economic crisis of 1997-98. This issue of whether Korea's performance during this period can be described as an economic miracle is also reviewed. The empirical evidence on this issue is mixed and no conclusive evidence can be drawn. However, despite this, the achievements of the Korean economy during the period under discussion should not be underestimated.
Understanding the Korean Economic "Miracle
2010
- Table 1 shows that, from 1950 to 2008, Taiwan comes as a close second to Korea. Since Korea grew faster than Taiwan in 2009 and is expected to do so in 2010, the gap will increase if we Understanding the Korean Economic 'Miracle'* brought to you by CORE View metadata, citation and similar papers at core.ac.uk provided by K-Developedia(KDI School) Repository
A New Paradigm for Korea’s Economic Development
Palgrave Macmillan UK eBooks, 2001
The South Korean economy is one of the economic wonders of the late twentieth century. War-torn and poverty-stricken in the 1950s, with a per capita income below that of Haiti, Thailand or India, the country then emerged as an economic giant by the 1980s. Rapid industrialization, phenomenal growth rates and rapid social transformation characterized a process that has made Korean products and firms, such as Hyundai and Samsung, familiar throughout the world. The study of Korea's transformation is fascinating in itself, but there are also many general aspects of the process which make Korea of particular significance in understanding Asian economic development. How was South Korea able to achieve its rapid, equitable growth? What parts were played by the state, the banks, the giant corporations, imported technology, foreign investment and trade, and by the unique balance between competition and control? Korea felt the full force of the Asian economic crisis in 1997, and was one of three countries forced to call for IMF assistance. Korea's response to the crisis (reverberations from which will remain for a long time) is of considerable significance not only for Korea but for the future handling of global financial disturbances. The present series of books aims to explore Korea's development and its unique economic governance structure. The appearance of such a series is timely, for not only does it give the opportunity to review Korea's growth in perspective after several decades of unparalleled advance, but it also provides an opportunity to bring to a western readership the increasing contributions of Korean scholars to the understanding of their country's transformation.
Korea's Fading Economic Miracle 1990-97
Faculty of Commerce-Economics Working …, 2005
By the late 1980s Korea's interventionist and export oriented development model had contributed to a number of serious structural weaknesses in the economy. Ongoing government involvement in the banking and corporate sectors, weak prudential supervision of financial institutions, and restricted financial market and corporate competition created moral hazard, as banks and corporates believed they would not be held accountable for their actions due to their close relationship with government. This resulted in financial sector risk mismanagement and highly leveraged growth of the chaebols. After 1988, when the new democratically elected civilian administration removed long-standing restrictions on union activity, rapid wage growth, in excess of productivity gains, eroded profitability. These structural weaknesses, and policy errors and mismanagement, made Korea increasingly vulnerable to external shocks during the 1990s. In mid-1995, a rapid depreciation of the Japanese yen and a world semiconductor glut and price fall provided the trigger for a rapid slowdown in exports and industrial output, and an unprecedented wave of chaebol bankruptcies that undermined the solvency of financial institutions. Korea's long period of sustained economic growth, low inflation, strong investment and balanced budgets had lulled policy makers into complacency. They failed to act decisively to tackle the growing structural weaknesses. Korea's high exposure to short term foreign debt and loss of foreign exchange reserves through a vain and unsustainable attempt to defend the won further undermined foreign investor and creditor confidence. This paper discusses in some detail these developments and their contribution to the financial and economic crisis experienced by the country during 1997-98. It also identifies key lessons for countries contemplating similar rapid development, and key warning signs that need to be heeded to avoid similar happenings to that which occurred in Korea.
Reverberations of the Korean war on the South Korean Economy
2018
South Korea’s success story is one to marvel at. They were the first non G -7 country to host a summit of the G-20 countries of the world – the committee that drives the economy of the world today. The shocking element is the ability of South Korea to tran sform their position from that of “rags” to “riches” as seen in their current position of being the twelfth largest trading nation in the world. Between the years of 1962 and 1979, Korea’s real GNP grew at an astounding rate of 9.3%. One of the major reasons for their growth was the fact that exports were given prime importance. The significance was such that, the people of the nation coined exports as their “engine of growth”. In 1962, South Korea had annual exports of 55million.However,thenationmanagedtogrowittoanextentwheretheannualexportvaluewasastaggering55 million. However, the nation managed to grow it to an extent where the annual export value was a staggering 55million.However,thenationmanagedtogrowittoanextentwheretheannualexportvaluewasastaggering27 billion in the year 1982. The years of 1966, 1968 and 1969 were extremely profitable for the country. The GNP rose at levels of 12.4, 12.6 and 15.0. ...