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The Economy and Elections in Korea: an Analysis of the Political Business Cycle

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  • Jang-Ho Park

Abstract

The purpose of this paper is to examine whether or not the political business cycle exists in Korea, which may be a crucial factor in explaining the business cycle and the relationship between the economy and elections. I also examine the main factors manipulating the economy to determine if there is evidence of a political business cycle. The period covered by the research is from 1963 to 2002 and IFS data were used to guarantee the neutrality and objectivity of the analysis. I analyzed the relationship between various macroeconomic variables and presidential and National Assembly elections. I checked on the existence and magnitude of the political business cycle in three different time spans using quarterly data: the whole period (1963–2002), before democratization (1963–1986), and after democratization (1987–2002). I found some evidence of a PBC related to presidential elections after Korea was democratized. Money supply (monetary base) was used to boost the economy before elections. I could not find any significant evidence of a PBC related to National Assembly elections.

Suggested Citation

  • Jang-Ho Park, 2011. "The Economy and Elections in Korea: an Analysis of the Political Business Cycle," International Review of Public Administration, Taylor & Francis Journals, vol. 16(2), pages 117-142, August.
    • Handle: RePEc:taf:rrpaxx:v:16:y:2011:i:2:p:117-142
    DOI: 10.1080/12264431.2011.10805199
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    Cited by:

    1. Rohan Chinchwadkar, 2020. "Political Business Cycles, Elections and Entrepreneurial Finance: A Framework," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 18(4), pages 941-954, December.
    2. Paritosh Chandra Sinha, 2021. "Attention to the Election-Economics-Politics (EEP) Nexus in the Indian Stock Markets," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 13(1), pages 7-32, June.

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