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Regulatory reform and economic development : Korea's experience in regulatory reform

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Frame of Image latory Reform
Supervised by	 Prepared by	 Author
Prime Minister’s Office, Republic of Korea Korea Institute for Industrial Economics&Trade (KIET) Byungki Ha, Korea Institute for Industrial Economics & Trade (KIET) Hyunkyung Choi, Korea Institute for Industrial Economics & Trade (KIET)
Advisory
Byong Jin Lee, Former Deputy Prime Minister Zu-sun Rhee, SK Research Institute for SUPEX Management
Research Management
Korea Development Institute (KDI) School of Public Policy and 	 Management
Supported by
Ministry of Strategy and Finance (MOSF), Republic of Korea
Government Publications Registration Number 11-1051000-000244-01 ISBN 978-89-93695-83-0 94320 ISBN 978-89-93695-27-4 [SET 40] Copyright © 2012 by Ministry of Strategy and Finance, Republic of Korea
Government Publications Registration Number 11-1051000-000244-01
Knowledge Sharing Program
2011 Modularization of Korea’s Development Experience
Regulatory Reform and Economic Development-Korea‘s Experience in Regulatory Reform
Preface
The study of Korea’s economic and social transformation offers a unique opportunity to better understand the factors that drive development. Within one generation, Korea had transformed itself from a poor agrarian society to a modern industrial nation, a feat never seen before. What makes Korea’s experience so unique is that its rapid economic development was relatively broad-based, meaning that the fruits of Korea’s rapid growth were shared by many. The challenge of course is unlocking the secrets


Full Text
Title Regulatory reform and economic development
Similar Titles
Sub Title

Korea's experience in regulatory reform

Project Category Development Cases
Material Type Reports
Author(English)

Ha, Byungki; Choi, Hyunkyung

Publisher

Seoul:KDI School of Public Policy and Management

Date 2012
Project Development Cases
Series Title; No Knowledge Sharing Program: KSP Modularization
ISBN 978-89-93695-83-0; 978-89-93695-27-4 [SET 40]
Pages 94
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Government and Law < Public Administration
Holding KDI School of Public Policy and Management
Supervisor KDI School of Public Policy and Management
Organizer Prime Minister's Office; Korea Institute for Industrial Economics&Trade
Sponsor Ministry of Strategy and Finance
Project Term 2011-01-01 ~ 2011-12-31

Abstract

Regulatory reform is considered as a key driving force that enabled Korea to overcome social and economic impacts of the 1997 financial crisis and a source of quick resilience from 2008 global financial crisis. Korea held on to the momentum for the regulatory reform turning it into a solid base for a rapid economic growth and national competitiveness in global economy.
Based on the conclusion that analyzing factors in a model will provide more tools and insight for understanding Korea’s regulatory reform experience than would a simple narration of experience, this paper presents a regulatory model which is applied to explain Korean experience. The model has three factors such as environment, institutionalization and decision mechanism, each of which has detailed determinants. Sub categories of success factors consist of social recognition, stable institution, and participation of policy makers and stakeholders.
The excessive regulations in Korea could be explained by the country’s political and cultural background and past government-led growth strategies.(The rest omitted)