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External debt and macroeconomic performance in South Korea

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  • External debt and macroeconomic performance in South Korea
  • Collins, Susan M; Park, Won Am
  • National Bureau of Economic Research


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Title External debt and macroeconomic performance in South Korea
Similar Titles
Material Type Reports
Author(English)

Collins, Susan M; Park, Won Am

Publisher

Cambridge:National Bureau of Economic Research

Date 1988-05
Series Title; No NBER Working Paper Series / 2596
Pages 32
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Economy < Macroeconomics
Economy < Financial Policy
Holding National Bureau of Economic Research

Abstract

During 1980-1986, South Korea went from being the world's fourth largest debtor country, in the midst of an economic crisis, to a model of successful adjustment, with high growth rates and a current account surplus. This paper summarizes the findings of an in depth analysis of Korea's performance, focusing on the experience with external debt.
We argue that the explanations for Korea's recovery are closely linked to the explanations for Korea's very rapid growth during the l960s and l970s. The centerpieces have been a comprehensive export focused investment plan with external borrowing used to supplement domestic savings in financing the investment and an active, interventionist government policy.