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Korea’s fiscal stabilization policies of transition period economic policy in the 1980s

Related Document
Frame of Image onomic Policy in the 1980s
Supervised by Prepared by Author
Ministry of Strategy and Finance (MOSF), Republic of Korea Korea Development Institute Joonkyung Jang, Director, Division of Policy and Research, Public and Private Infrastructure Investment Management Center, KDI Subok Chae, Senior Research Associate, Policy Research Unit, Public and Private Infrastructure Investment Management Center, KDI
Advisory
Daehee Song, Professor, KDI School of Public Policy and Management Tai-hyuk Kang, Professor, Hankyong National University
Research Management Supported by
KDI School of Public Policy and Management Ministry of Strategy and Finance (MOSF), Republic of Korea
Government Publications Registration Number 11-1051000-000684-01 ISBN 979-11-5545-172-4 94320 ISBN 979-11-5545-171-7 [SET 6] Copyright © 2014 by Ministry of Strategy and Finance, Republic of Korea
Government Publications Registration Number 11-1051000-000684-01
Knowledge Sharing Program
2015 Modularization of Korea’s Development Experience
Korea’s Fiscal Stabilization Policies of Transition Period Economic Policy in the 1980s
Preface
opportunity to better understand the factors that drive development. Within approximately a single generation, Korea transformed itself from an aid-recipient basket-case to a donor more remarkable is that the fruits of Korea’s rapid growth were relatively widely shared. country with fast-paced yet sustained economic growth. What makes Korea’s experience even In 2004, the Korean Ministry of


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

Jang, Joonkyung; Chae, Subok

Publisher

Sejong:KDI School

Date 2015
Project Development Cases
Series Title; No Knowledge Sharing Program; 경제발전경험 모듈화 사업
ISBN 979-11-5545-172-4 94320; 979-11-5545-171-7 [SET 6]
Pages 92
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Macroeconomics
Economy < Financial Policy
Holding KDI School
Supervisor Ministry of Strategy and Finance
Organizer Ministry of Strategy and Finance; Korea Development Institute
Sponsor Ministry of Strategy and Finance
Project Term 2015-01-01 ~ 2015-12-31

Abstract

The Republic of Korea achieved rapid economic growth under an outward-looking economic development policy driven by the government, from the first Five-Year Economic Development Plan in 1962 to the fourth Five-Year Economic Development Plan in the late 1970s. Despite limited natural resources and a weak industrial foundation, the Park Chung-hee government aimed to boost its exports and lay the groundwork for an independent economy with the heavy and chemical industry at its center. As a result of the continued effort in implementing the outward-looking economic development policies, Korea achieved a remarkable GDP growth rate of a whopping 14.8% in 1973 and the per capita income of Korea increased by almost 18 times over 20 years, thereby accomplishing the “Miracle on the Han.” However, the government-led growth strategy, which continued up until the 1970s, also resulted in an increase in fiscal spending. (The rest omitted)