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Foreign capital in economic development : Korean experiences and policies

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Ministry of Strategy and Finance (MOSF), Republic of Korea KDI School of Public Policy and Management 	 	 insoo Lee, KDI School of Public Policy and Management, J Associate Professor
Advisory Research Management	 Supported by	
Sangwon Suh, Chung-Ang University, Associate Professor KDI School of Public Policy and Management 	 Ministry of Strategy and Finance (MOSF), Republic of Korea
Government Publications Registration Number 11-7003625-000015-01 ISBN 979-11-5545-037-6 94320 ISBN 979-11-5545-032-1 [SET 42] Copyright © 2013 by Ministry of Strategy and Finance, Republic of Korea
Government Publications Registration Number 11-7003625-000015-01
Knowledge Sharing Program
2012 Modularization of Korea’s Development Experience
Foreign Capital in Economic Development: Korean Experiences and Policies
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. Re


Full Text
Title Foreign capital in economic development
Similar Titles
Sub Title

Korean experiences and policies

Project Category Development Cases
Material Type Reports
Author(English)

Lee, Jinsoo

Publisher

Seoul:KDI School of Public Policy and Management

Date 2013
Project Development Cases
Series Title; No Knowledge Sharing Program: KSP Modularization
Pages 126
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < General
Economy < Financial Policy
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

This paper purports to examine the role of foreign capital and policies of the Korean government on foreign capital in the following three periods: The first period spans from 1962 to 1979, when foreign capital, especially foreign debt, contributed substantially to Korea’s economic growth. The second period covers 1980 to 1997, when the Korean economy opened its financial market gradually and ended in a financial crisis. The third period is from 1998 to now when the Korean government has opened its financial markets while it has tried to mitigate the negative effects of volatile foreign capital flows.
In the early 1960s, the gap between domestic savings and investments for Korea was huge and Korea had to introduce substantial amount of foreign capital in order to fill the gap. The major form of foreign capital introduced into Korea in the 1960s and 1970s was debt. This outward-looking development strategy was very successful in 1960s and 1970s.(The rest omitted)