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An empirical inquiry into the nature of South Korean economic growth

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  • An empirical inquiry into the nature of South Korean economic growth
  • Garcia-Blanche, Francisco
  • Harvard University(Center for International Development)


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Title An empirical inquiry into the nature of South Korean economic growth
Similar Titles
Material Type Articles
Author(English)

Garcia-Blanche, Francisco

Publisher

[Cambridge]:Harvard University(Center for International Development)

Date 2001
Series Title; No CID Working paper / 74
Pages 59
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Holding Harvard University

Abstract

South Korea has experienced spectacular economic growth rates over the last forty years. How did this economic “miracle” occur? Economic growth in Korea can be explained in terms of geography, demography, human development or economic convergence theories. However, the debate over the role of legal, political and institutional development in Korean economic growth is perhaps the most complex of all. This paper offers an empirical estimation of the explanatory variables of growth, touching upon legal, political, cultural and institutional developments, and measures the impact of physical and human capital and productivity increases on economic growth. Using growth regressions, I find that the early protection of property rights and, to a lesser extent, contract enforcement, was extremely important in achieving ex-post growth in South Korea. (The rest omitted)