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Regulatory reform in Korea's economic transformation

Related Document
Frame of Image rm in Korea
1.1 Government-led Development Strategy since the 1960s
 Strategic planning and implementation for economic growth  Strong Intervention in the market  Excessive regulations in command and control ways
1.2 Moving to the market-driven economy from the 1990s.
 Criticism against the government-led development strategy raised  Diversified reforms attempted in parallel with economic liberalization
1.3 Establishing an Institutionalized Regulatory Reform System
 Enactment of the Framework Act on Administrative Regulations(FAAR) in 1997  Enforcement of FAAR from 1998 ※ Economic crisis of 1997 triggered radical reforms  Drastic reform drives to the public, labor, financial and corporate sector
2
Economic declines required to take reforms
Economic Performance by GDP Growth Rates In Korea
Gov’t reforms attempted Radical reforms taken
Source : World Bank, 2015 3
2. Why Enactment on Regulatory Reform
2.1 Weakness in diversified reform efforts on regulations
 Reform focus divided with multiple reform bodies on administrative simplification and deregulation  Temporary, ad hoc advisory role, and case-by-case approach  Not sustainable, inconsistent, incoherent
2.2 Demand for business competitiveness in the hard time
 Consecutive bankruptcies of big businesses, portents of the economic crisis  Consensus of strong regulatory reform
2.3 Government initiative for the enactment combined with civilian participation
  ※  PM’s role in inviting civilian demands and coordinat


Full Text
Title Regulatory reform in Korea's economic transformation
Similar Titles
Material Type Proceedings
Author(English)

Choi,DaeYong

Publisher

[Sejong],[South Korea] : KDI School of Public Policy and Management

Date 2015-09
Event

EAS Regulatory Roundtable Ⅱ

Pages 18
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Economic System
Government and Law < Public Administration
Holding KDI School of Public Policy and Management
License