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Eternal debt and macroeconomic performance in South Korea

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


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

Park, Won Am; Collins, Susan M.

Publisher

[Cambridge]:National Bureau of Economic Research

Date 1988-05
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Conditions
Government and Law < Public Administration
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 anlaysis 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 1960s and 1970s. 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.