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A Hidden Contributor to the Korean Miracle: The Korean Credit Union Movement

Author

Listed:
  • In-soo , Han

    (Department of Business Administration, Chungnam National University)

  • Yeon-soo , Kang

    (National Credit Union: Federation of Korea)

Abstract

Korean credit unions (CUs) are considered to be a hidden contributor to the "Korean miracle", characterized by remarkable economic growth and relatively low income inequality. The Korean miracle not only generated wealth in an economically strapped and socially under-privileged people, but also contributed to regional community development and the democratization of Korean society. In this study, we analyzed how Korean CUs contributed to the Korean economy and society, and we identified the challenges now facing Korean CUs. We investigated how Korean CUs were established and how they have developed, and we present their remarkable achievements. We analyzed their present characteristics as well as the difficulties they experienced during the recent global financial crises, and we discuss the many challenges they face going forward.

Suggested Citation

  • In-soo , Han & Yeon-soo , Kang, 2013. "A Hidden Contributor to the Korean Miracle: The Korean Credit Union Movement," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 8(2), pages 23-46, April.
    • Handle: RePEc:mbr:jmonec:v:8:y:2013:i:2:p:23-46
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    References listed on IDEAS

    as
    1. Ann‐Marie Ward & Donal G. McKillop, 2005. "An Investigation into the Link between UK Credit Union Characteristics, Location and their Success," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 76(3), pages 461-489, September.
    2. Fried, Harold O. & Knox Lovell, C. A. & Eeckaut, Philippe Vanden, 1993. "Evaluating the performance of US credit unions," Journal of Banking & Finance, Elsevier, vol. 17(2-3), pages 251-265, April.
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    More about this item

    Keywords

    Korean Credit Union Movement; Credit Union; Cooperatives;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies

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