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Fuelling Development? The Rise of New Development Finance in Korea’s Overseas Energy Cooperation with Southeast Asia

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  • Soyeun Kim

    (Institute for East Asian Studies, Sogang University)

  • Yeji Yoo

    (Chiang Mai University)

Abstract

‘Aid world’ has undergone critical changes and reforms to reconfigure the relationship between the role of private sector instruments and broadly defined development cooperation. Against the backdrop of the global/Euro financial crisis, development cooperation has become increasingly susceptible to financial instruments, logic, and actors. Such deepening of the financialisation–development nexus has been linked to the rise of the beyond aid agenda and the new and innovative development financing at its heart. Using the case of Korea’s energy development cooperation with Southeast Asia, our analysis shows how the keen take on the beyond aid agenda has further advanced the Korean government’s position on the utility of aid to pursue ‘national interests’ and ‘co-prosperity’. Also, our findings indicate that the Korean government mobilises both aid and other public finance to serve the national interests of (corporate) capital accumulation in the name of development.

Suggested Citation

  • Soyeun Kim & Yeji Yoo, 2019. "Fuelling Development? The Rise of New Development Finance in Korea’s Overseas Energy Cooperation with Southeast Asia," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 31(5), pages 1470-1489, December.
    • Handle: RePEc:pal:eurjdr:v:31:y:2019:i:5:d:10.1057_s41287-019-00218-2
    DOI: 10.1057/s41287-019-00218-2
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    References listed on IDEAS

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    1. Charles Gore & Soyeun Kim & Hanee Kang, 2015. "Young and Dynamic?—The Curious Case of Korea's National Level Post‐2015 Process," Journal of International Development, John Wiley & Sons, Ltd., vol. 27(6), pages 776-800, August.
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    8. Thomas Kalinowski & Hyekyung Cho, 2012. "Korea's Search for a Global Role between Hard Economic Interests and Soft Power," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 24(2), pages 242-260, April.
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    Cited by:

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    2. Andreas Klasen & Roseline Wanjiru & Jenni Henderson & Josh Phillips, 2022. "Export finance and the green transition," Global Policy, London School of Economics and Political Science, vol. 13(5), pages 710-720, November.

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