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Korea’s stabilization policies in the 1980s

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Frame of Image l Cho, KDI School of Public Policy and Management, D Professor Younguck Kang, KDI School of Public Policy and Management, Professor
Advisory
Sang-Woo Nam, KDI School of Public Policy and Management, Dean
Research Management	 Supported by	
KDI School of Public Policy and Management 	 Ministry of Strategy and Finance (MOSF), Republic of Korea
Government Publications Registration Number 11-7003625-000005-01 ISBN 979-11-5545-033-8 94320 ISBN 979-11-5545-032-1 [SET 42] Copyright © 2013 by Ministry of Strategy and Finance, Republic of Korea
Government Publications Registration Number 11-7003625-000005-01
Knowledge Sharing Program
2012 Modularization of Korea’s Development Experience
Korea’s Stabilization Policies in the 1980s
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 has 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 behind Korea’s rapid and broad-based development, which can offer invaluable insights and lessons and knowledge that can be shared with the rest of the international community. Recognizing this, the Korean Ministry of Strategy and Finance (MOSF) and the Kore


Full Text
Title Korea’s stabilization policies in the 1980s
Similar Titles
Project Category Development Cases
Material Type Reports
Author(English)

Cho, Dongchul; Younguck, Kang

Publisher

Seoul:KDI School of Public Policy and Management

Date 2013
Project Development Cases
Series Title; No Knowledge Sharing Program: KSP Modularization
ISBN 979-11-5545-033-8 94320; 979-11-5545-032-1 [SET 42]
Pages 104
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Macroeconomics
Holding KDI School of Public Policy and Management
Supervisor KDI School of Public Policy and Management
Organizer Ministry of Strategy and Finance(Republic of Korea); KDI School of Public Policy and Management
Sponsor Ministry of Strategy and Finance(Republic of Korea)
Project Term 2012-01-01 ~ 2012-12-31

Abstract

Korea is well-known for its rapid economic development since the 1960s, but it is not as well-known that Korea suffered greatly from high inflation and its side-effects during the same period of the 1960s and 1970s.By the late 1970s, it became obvious that high inflation undermined the growth potential of the Korean economy.
Against this backdrop, bold stabilization policies were designed by a group of reform-minded government officials in the Economic Planning Board, but their implementation faced fierce resistance from various groups because such a policy shift had to overhaul the whole economic policy framework that was believed to be indispensible for rapid development until then. There were intense debates among bureaucrats regarding alternative policy frameworks from the mid-1970s, but the camp for stabilization policies could not get over the legacy of the government-led development ideas. Proactive stabilization policies continued to be delayed and the economic situation further deteriorated until 1980. (The rest omitted)

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Government Publications Registration Number 11-7003625-000005-01

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