콘텐츠 바로가기
로그인
컨텐츠

Category Open

Resources

tutorial

Collection of research papers and materials on development issues

home

Resources
Economy Financial Policy
Economy Economic System

Print

Capital account policy in South Korea

Related Document
Frame of Image


Full Text
Title Capital account policy in South Korea
Similar Titles
Material Type Reports
Author(English)

Leiteritz, Ralf J.

Publisher

Universidad del Rosario

Date 2014
Pages 31
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Economy < Economic System

Abstract

This paper analyzes the political dynamics of capital account policy in South Korea. The first part is devoted to the historical evolution of capital account policy from the 1960s to the present day. It highlights the path of substantial financial opening that began in the early 1990s with two distinct waves of capital account liberalization before and after the Asian financial crisis of 1997-1998. The second part of the paper aims to detect the political origins of why capital account liberalization has not been complete and sustained. It locates them at the level of domestic informal institutions: first, the ideational legacy of the previous developmental state model – economic nationalism – that was predicated upon substantial barriers to international capital movements. Second, the political power of the export-oriented sector, namely of large conglomerates, that prefer exchange rate stability and thus restrictions on capital inflows. (The rest omitted)