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The miracle to crisis and the mirage of the postcrisis reform in Korea: Assessment after ten years

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  • Lee, Keun
  • Lee, Chung H.

Abstract

Ten years have passed since Korea underwent a severe financial crisis in 1997-98. The crisis prompted the Korean government to undertake a number of reforms in finance, corporate governance, and labor market. This paper analyzes the dynamics of the reform process and assesses the outcomes of the reforms, which aimed at introducing the Anglo-Saxon economic model. It argues that the reform outcomes were conditioned on the interplay of local-specific conditions and interest politics and that the reforms were intent more on establishing a market-oriented economy than promoting the long-term growth potential and the competitiveness of the economy.

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  • Lee, Keun & Lee, Chung H., 2008. "The miracle to crisis and the mirage of the postcrisis reform in Korea: Assessment after ten years," Journal of Asian Economics, Elsevier, vol. 19(5-6), pages 425-437.
    • Handle: RePEc:eee:asieco:v:19:y:2008:i:5-6:p:425-437
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    References listed on IDEAS

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    Cited by:

    1. Yunhee Kim & Almas Heshmati, 2010. "Analysis of Korean IT startups’ initial public offering and their post-IPO performance," Journal of Productivity Analysis, Springer, vol. 34(2), pages 133-149, October.
    2. Jeon, Bang Nam, 2012. "From the 1997-98 Asian financial crisis to the 2008-09 global economic crisis: lessons from Korea’s experience," MPRA Paper 36469, University Library of Munich, Germany.
    3. Keun Lee & Djun Kil Kim, 2024. "Compressed development, decompression, and diverging convergence in South Korea: which varieties of capitalism in contemporary Korea?," Review of Evolutionary Political Economy, Springer, vol. 5(1), pages 173-200, June.
    4. Keun Lee, 2009. "How Can Korea be a Role Model for Catch-up Development?: A 'Capability-based View'," WIDER Working Paper Series RP2009-34, World Institute for Development Economic Research (UNU-WIDER).
    5. Ding, Cherng G. & Wu, Chiu-Hui & Chang, Pao-Long, 2013. "The influence of government intervention on the trajectory of bank performance during the global financial crisis: A comparative study among Asian economies," Journal of Financial Stability, Elsevier, vol. 9(4), pages 556-564.
    6. Wu, Chiu-Hui & Ding, Cherng G. & Jane, Ten-Der & Lin, Hang-Rung & Wu, Cheng-Ying, 2015. "Lessons from the global financial crisis for the semiconductor industry," Technological Forecasting and Social Change, Elsevier, vol. 99(C), pages 47-53.

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