콘텐츠 바로가기
로그인
컨텐츠

Category Open

Resources

tutorial

Collection of research papers and materials on development issues

home

Resources
Economy Financial Policy
Economy Economic Administration

Print

The aftermath of the Asian financial crisis for South Korea

Related Document
Frame of Image
  • The aftermath of the Asian financial crisis for South Korea
  • Krause, Lawrence B.
  • The Association of Korean Economic Studies


link
Title The aftermath of the Asian financial crisis for South Korea
Similar Titles
Material Type Articles
Author(English)

Krause, Lawrence B.

Publisher

[Seoul]:The Association of Korean Economic Studies

Date 2000
Journal Title; Vol./Issue The Journal of the Korean Economy:vol. 1(no. 1)
Pages 21
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Economy < Economic Administration
Holding AKES

Abstract

The Asian Financial Crisis (AFC) of 1997-1998 was a watershed in the economic evolution of South Korea. It has, as a result, initiated more reforms than any other countries most seriously impacted by the AFC. The resolution of the crisis is being done in a very Korean way. Personal relationships, rather than legal processes, remain the primary mechanism for policy and decisionmaking, information transmission, and policy execution. South Korea has a homogeneous population, a relatively small geographic space, and Seoul dominates the political, cultural, and economic life of the country. Practically all members of the ruling elite, both in and out of government, have known each other for many years. While a legal framework exists and has been improved, it is still not surprising that the Korean way is very personalized and politicized. (The rest omitted)