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South Korea's experience with structural reform : Lessons for other countries

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  • South Korea's experience with structural reform
  • Heo, Uk; Woo, Jung Yeop
  • Korean Social Science Research Council


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Title South Korea's experience with structural reform
Similar Titles
Sub Title

Lessons for other countries

Material Type Articles
Author(English)

Heo, Uk; Woo, Jung Yeop

Publisher

[Seoul, South Korea]:Korean Social Science Research Council

Date 2006
Journal Title; Vol./Issue Korea Social Science Journal:vol. 33(no. 1)
Pages 29
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Economy < Financial Policy
Holding Korean Social Science Research Council

Abstract

Despite phenomenal growth through the mid-1990s, the 1997 foreign exchange crisis led to the collapse of the South Korean economy, which resulted in an International Monetary Fund (IMF) bailout. Since then, South Korea has gone through various reform processes. In this paper, we revisit pre- and post-crisis reform efforts in South Korea to draw lessons for other countries. Lessons drawn from the reform processes in the financial, labor, and corporate sectors in South Korea before and after the crises are two fold. First, economic pol-icy decisions must be made in accordance with with economic interests and needs. Second, the government must have a long-term vision and an ap-propriate policy mlueprint while economic restructuring is being implemented. Otherwise, long-term economic consequences may be great-er than the short-term costs accompanied by reform policies.